Former England manager Sam Allardyce has told reporters he made "an error of judgment", adding: "I have paid the consequences."
The 61-year-old's contract was terminated by mutual agreement on Tuesday night after crisis talks with the Football Association triggered by a Daily Telegraph investigation in which he was covertly filmed advising undercover reporters on how to sidestep FA transfer regulations.
"I am off abroad just to chill out and to reflect..."
Clearly shaken by events, Allardyce told reporters outside his home in Bolton on Wednesday morning: "Entrapment has won on this occasion. I have to accept that."
Allardyce suggested he thought he was helping out an associate when he was caught in the sting.
He said: "I think that on reflection, it was a silly thing to do. But just to let everybody know, I sort of helped out what was somebody I've known for 30 years and unfortunately it was an error of judgment on my behalf and I've paid the consequences."
He said the agreement to leave his job after just 67 days and one match "was done very amicably with the FA".
He said he had apologised to those concerned for the "unfortunate situation that I put myself in".
The former Bolton and Newcastle boss said he had a confidentiality agreement and could not answer further questions.
He added: "I am off abroad just to chill out and to reflect and I'd like to wish all the England lads, Gareth and the staff all the very best."
Asked if that was his last job in football he said: "Who knows. We'll wait and see."
Further to the Allardyce sting, it has been claimed this morning that eight current and former Premier League managers stand accused of receiving 'bungs'.