The 31-year-old has officiated 211 AFL games as a boundary umpire, including the 2008, 2009, 2010 and 2010 replay Grand Finals.
"I'm feeling ecstatic," Coote told The Examiner after the race.
"I've won a big 400 (metre race) at Bendigo and umpired some AFL Grand Finals from the boundary, which is also unbelievable but this is as big and as good as those.
Coote, who collected $9000 in prizemoney, was contesting his second Burnie Gift final.
"I've been trying to win a gift for a while but have been coming up short so I'm just rapt to have finally won a 120m gift," he said.
"My coach Mark Hipworth won it in 1986 and it is great to emulate him and win it here for him.
"He hasn't had a male gift winner since he started coaching so I'm just happy to have done it for him."
Coote started the race with a front-of-the-field 9.5m handicap and will contest the 100m Daylesford Gift on Friday.
