The most common and most likely answer to this crossword clue is the 6 plus 5 letter word WOODEN SPOON
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More clues leading to the result WOODEN SPOON
- Golf clubs holding English Open, finally — competitors don’t want it
- Badly done now? Oops! Here’s booby prize
- Court studies page with nothing about award for loser
- One’s stirred romance at office, as no work’s about
- Prize awarded for a chef’s aid?
- Obtained an envelope for the op-edon a prize for being the last in a race
Buddy explains!

The straight part
We know that "prize for being the last in a race" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case prize for being the last in a race = wooden spoon.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.