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The prize money was claimed by another ticket holder whose numbers matched the winners.
Ifergan's lawsuit, which named the province's lottery regulator and sought half of the jackpot, was rejected by Quebec courts.
"I'm really disappointed in the decision, and it's not because it's about the money," Ifergan told CTV News.
"Loto-Quebec during the trial never argued the fact that my request for the two tickets was in their system at 8:59.47," he said.
Ifergan, who said he has spent nearly $79,000 pursuing the court case, said he plans to continue playing the lottery.