The Asian Cup MVP was named second behind Saudi Arabian striker Yasser Al-Qahtani at the AFC's award ceremony in Sydney last week.
Mahmoud scored four goals during the Asian Cup, which including the winning goal in the final against Saudi Arabia, leading the war-torn nation to a celebrated continental triumph.
The award is based on a points system. Players win points by being named as MVP in matches in certain competitions selected by the AFC.
"Everybody knew that I was the player who deserved the award and the best player in the Asian Cup," Mahmoud told Iraqi newspaper Al-Malaeb.
"I badly wanted to bring some smiles to the face of every Iraqi," Mahmoud continued.
The Desert Fox claimed that he was now indifferent to the award.
"I firmly believe that I have lost any kind of motivation to win the prize in future."