According to police and medics, the attack took place around 7:00 p.m. (1600 GMT) on Friday in the village of al-Asriya when an assailant blew his explosives in the crowd while the winners were being handed the trophy.
Over 65 people were also wounded in the explosion with medical sources warning that the number of fatalities could rise.
The ISIS Takfiri terrorist group claimed responsibility for the blast.
The United Nations Assistance Mission for Iraq says a total of 670 Iraqis were killed and 1,290 others injured in acts of terrorism, violence and armed conflict in February.
According to the UN mission, the number of civilian fatalities stood at 410. Violence also claimed the lives of 260 members of the Iraqi security forces.
A great portion of the fatalities was recorded in Baghdad, where 277 civilians were killed.
The northern and western parts of Iraq have been plagued by violence ever since ISIS terrorists began their march through the Iraqi territory in June 2014.
Iraqi army soldiers and fighters from Popular Mobilization Units are seeking to win back militant-held regions in joint operations.
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