Cryptic crossword clue
Put up large wager on where old felon’s last station may be 6

The most common and most likely answer to this crossword clue is the 6 letter word GIBBET

I've seen this crossword clue in Financial Times
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Buddy explains!

The straight part
We know that "where old felon’s last station may be" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case where old felon’s last station may be = gibbet.
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 GIBBET mean?

GIBBET noun
  1. An upright post with a crosspiece used for execution and subsequent public display.
  2. The projecting arm of a crane, from which the load is suspended; the jib.
  3. A human-shaped structure made of iron bands designed to publicly display the corpse of an executed criminal.
GIBBET verb
  1. To execute (someone), or display (a body), on a gibbet.
  2. To expose (someone) to ridicule or scorn.

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