Tries bait regularly with lures (8)
I believe the answer is:
attempts
'tries' is the definition.
('attempt' can be a synonym of 'try')
'bait regularly with lures' is the wordplay.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
'with' says to put letters next to each other.
'lures' becomes 'tempts' ('tempt' can be a synonym of 'lure').
The alternating letters of 'bait' are 'at'.
'at'+'tempts'='ATTEMPTS'
(Other definitions for attempts that I've seen before include "Takes a shot" , "Endeaavours, tries" , "Tries, makes an effort" , "Efforts, endeavours" , "Endeavours, tries" .)