The Manchester City striker, 20, shared his windfall on a night out with Blackburn Rovers ace Chris Samba.
Balotelli - who earns £100,000 a week after signing from Inter Milan for £24million last year - is said to often give cash to homeless people he sees around Manchester. His latest act of kindness came outside the city's 235 Casino last week.
A source said: "Mario is really generous. He always hands £20 notes to the Big Issue boys without even taking the magazine. There's a guy he always sees around town with ginger dreadlocks and a beard. He carries his possessions in two carrier bags.
"He was outside the club in the early hours so Mario handed him a wad of notes after his big win. The tramp couldn't believe his luck. It was enough to keep him going for months."
Balotelli has frequently hit the headlines for his off-the-pitch antics. At the weekend he had a scuffle with Manchester United defender Rio Ferdinand after City's 1-0 win in the FA Cup semi-final. Last month he got an official warning for throwing darts at youth team players at his club's Carrington training ground. That followed his sending off against Dynamo Kiev. His fines now total £300,000 in one season.