Times making retraction in absurd admission of error (2,3)

'admission of error' is the definition.
(phrase used to acknowledge a mistake)

'times making retraction in absurd' is the wordplay.
'times' becomes 'by' (both can mean 'multiplied by').
'making retraction' shows that the letters should be reversed in order (letters retract or go backwards).
'in' is an insertion indicator.
'absurd' becomes 'mad' (mad can mean absurd or crazy).
'by' back-to-front is 'yb'.
'yb' put inside 'mad' is 'MY BAD'.