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Not wicked enough to use a bookie? Regret there's a catch (3,4,2,2,4)

Ross

I believe the answer is:

too good to be true

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'not wicked enough to use a bookie? regret there's a catch' is the definition.
I don't know anything about this answer so I cannot tell whether it can be defined by this definition.

'not wicked enough to use a bookie? regret there's a catch' is the wordplay.
I cannot really see how this works, but
'not' could be 'o' (I've seen this in other clues) and 'o' is found within the answer.
'to' is found in the answer.
'regret' could be 'rue' (to rue something is to regret it) and 'rue' is found within the answer.
'catch' could be 'go' (synonyms) and 'go' is located in the answer.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for too good to be true that I've seen before include "Only apparently advantageous (3,4,2,2,4)" , "barely credible" , "Impossibly attractive (3,4,2,2,4)" , "Not nearly as excellent as appearance might suggest" , "Improbably excellent (3,4,2,2,4)" .)

I've seen this clue in The Times.
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