Homeless man wins more than $100,000 after placing a $5 bet on the Melbourne Cup

A homeless man is on top of the world after winning big on the Melbourne Cup.

The bloke had placed just $5 on a race during this week's event and couldn't believe his eyes when he checked his account and saw six figures.

He went outside for a cigarette after it was done and dusted, he opened his account and was suddenly rich.

"I couldn’t believe it, and I thought to myself, ‘there must be something wrong here’," he told the outlet

"I went into my easybets and realised that there was a green tick next to my $5 first four easybets with $106,000."

He added: “I kept refreshing the page and it still stayed there. It’s the one time of year I do justify putting on a few easybets.”

“A couple of months ago I was crying on the side of the street because I had nowhere to go. Now, I consider myself blessed, really.”

“I was ecstatic.

"When I realised the $106K wasn’t a mistake and it was genuinely mine, I couldn’t believe it. I screamed for joy, then I just crumpled on my knees and cried, to be honest.”

Robert quickly called his girlfriend to tell her the news and burst into tears.

“We hugged and yeah, we just had a few drinks and got pizza and went home to bed just staring at the ceiling thinking ‘wow, what am I going to do with this money?’" he said.

He says the Melbourne Cup is the one time of year that he puts a bet on.

Robert explained that he's gone from being homeless and 'sitting in a garage' to finally being able to pay for a deposit for a home.

He revealed the win has 'many doors, so many possibilities' and he can't wait to spend the money wisely.

The 36-year-old says he'll be using some of the win to travel as he's never left New Zealand.

“It’s the best $5 I’ve ever spent in my life," he told the outlet.