The most common and most likely answer to this crossword clue is the 6 plus 5 letter word DONKEY DERBY
I've seen this crossword clue in Financial Times
D
O
N
K
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Y
D
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Y
More clues leading to the result DONKEY DERBY
Buddy explains!

The straight part
We know that "Beastly contest" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case beastly contest = donkey derby.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.