The incredible moment that a group of mates won $500,000 by backing the winner of the Melbourne Cup has been caught on camera.

As Vow and Declare thundered home to win the Melbourne Cup at Flemington on Tuesday a euphoric scene of unbridled joy was taking place in an Australian living room

Alex Xerri, 39, made a series of bets from June when Vow and Declare was at huge odds, that won him $320,000 on Tuesday, while his friends collected $200,000 between them by following his hot tip.

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Video shot by his friend Jimmy Hoyne showed their jubilation as they watched on TV when the gelding surged home to snatch the Melbourne Cup in a thrilling victory.

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The moment was bittersweet for Xerri as his father Paul, 81, died a month ago, before he could collect $40,000 from bets he also made on the horse.

"It was difficult, I was really sad that he never got to watch the Cup and share in the excitement and happiness," he told Daily Mail Australia.

"He always backed my judgement and I know he's proud of me. It was a very touching and emotional moment.

"I have to dedicate this to dad."

Mr Xerri said he and his father placed their first bets on June 8 after watching Vow and Declare come second in the Queensland Derby.

Mr Xerri said his father kept putting bets on the horse with him even when others in the family told him to stop.

A group of friends celebrate winning the Melbourne Cup. Photo / Facebook.
A group of friends celebrate winning the Melbourne Cup. Photo / Facebook.

"We went through his wallet and he had all his bet slips printed and A4 sheet of paper,' he said.

"He believed it would happen, he'd never won that sort of money in his life and we were talking about what we would do if it won."

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Mr Hoyne's video showed five of the friends get progressively more excited as Vow and Declare entered the final straight on the tail of the leader and gradually wore down the margin.

Mr Xerri could be seen yelling at the TV as the mates gathered around it , before erupting into jubilation when Vow and Declare crossed the line first.

They hugged, jumped up and down, and even threw beer cans in celebration - hardly believing their luck.

"I have never felt a rush like that in my life... words cannot explain,' the friend who filmed the scene said."