The most common and most likely answer to this crossword clue is the 5 letter word PRIZE
I've seen this crossword clue in The Daily Telegraph
P
R
I
Z
E
More clues leading to the result PRIZE
Buddy explains!

The straight part
We know that "Loser might receive this as consolation" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case loser might receive this as consolation = prize.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.
What does PRIZE mean?
PRIZE noun- That which is taken from another; something captured; a thing seized by force, stratagem, or superior power.
- Anything captured by a belligerent using the rights of war; especially, property captured at sea in virtue of the rights of war, as a vessel.
- An honour or reward striven for in a competitive contest; anything offered to be competed for, or as an inducement to, or reward of, effort.
- That which may be won by chance, as in a lottery.
- Anything worth striving for; a valuable possession held or in prospect.
- A contest for a reward; competition.
- A lever; a pry; also, the hold of a lever.
- To consider highly valuable; to esteem.
- To set or estimate the value of; to appraise; to price; to rate.
- To move with a lever; to force up or open; to prise or pry.
- To compete in a prizefight.
- Having won a prize; award-winning.
- First-rate; exceptional
- The cost required to gain possession of something.
- The cost of an action or deed.
- Value; estimation; excellence; worth.