Australia's luckiest punter wins $150,000 from a bet worth just ONE DOLLAR at the Melbourne Cup

One incredibly lucky punter from Victoria has turned $1 into an astonishing $154,759 by going one-out in all four legs of the early quadrella at the Melbourne Cup on Tuesday.

The big winner correctly picked Love Tap ($12), High Approach ($21), Renosu ($31) and Bartholomeu Dias ($34) to win races 3-6, with the Victorian pool paying $154,759 thanks to the long-odds winners and the massive amount of money wagered.

One incredibly lucky punter from Victoria has turned $1 into an astonishing $154,759 by going one-out in all four legs of the early quaddie at the Melbourne Cup on Tuesday

Bartholomeu Dias (pictiured winning race six) was one of the selections in the quaddie

The $1 investment yielded the TAB customer 100 per cent of the dividend. Unfortunately, they didn't select the NSW pool - which would've netted them $196k. 

In the main race, won by Gold Trip, punters could have won $100k if they had picked the first four  - Gold Trip, Emissary, High Emocean and Deauville Legend. 

'If you backed Gold Trip: If you had 1, 17, 22 and 8 in the first four, there's more than $100,000 coming your way. Sadly, none of us got the first four but we have had an experience to remember,' said a Channel 10 commentator.

Resnosu (pictured) ridden by jockey Blake Shinn was also part of the lucky punter's bet

In 2020, a retired man won more than $1million from an astonishing punting effort in the Melbourne Cup. 

The New Zealander collected the biggest payout in Kiwi TAB history after netting $1.09 million from just a $112 outlay - receiving $36,446.17 for every dollar wagered.

Racing fans take in the action trackside at Flemington during race two. The lucky Victorian who won $150,000 tipped the winner in the next four starts 

An Aussie TAB punter also landed $130,000 in the same race with a $5000 bet on Twilight Payment at $26 as an outright winner.