The most common and most likely answer to this crossword clue is the 4 plus 8 letter word SNAP DECISION
I've seen this crossword clue in The Daily Telegraph
S
N
A
P
D
E
C
I
S
I
O
N
Buddy explains!
The straight part
We know that "Immediate outcome of a photo finish" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case immediate outcome of a photo finish = snap decision.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.