The alleged victim on Thursday admitted to taking the cash from his friend of about five years, Michael Burns.

The Wodonga Magistrates Court had previously heard Burns had won about $2500 at the Blazing Stump in Wodonga and the victim claimed the cash as Burns didn't have identification.

Burns and Mark Seymour are accused of carjacking the man at the Barnawartha oval in an incident involving machetes and guns when he failed to hand over the money.

A third man is still wanted, and Bonnie Molloy has been dealt with over her role in the May 13 incident last year.

The alleged victim, who is in custody at Goulburn on unrelated assault matters, on Thursday told the court he'd used the money to fix his car and bought $400 to $500 worth of drugs.

"I've been through a lot of stuff, a lot of trauma," he said.

"I've been living in fear since this happened.

"I fear for my life in here ... I'm really scared."

ALSO IN SPORT:

The man had been using ice "pretty much any time I could get my hands on it at the time", he told the court, and said he'd used about four hours before the incident.

"This isn't the life I want," he said.

"What these people have done to me ... I've been through a lot you know."

Security cameras at the Barnawartha Post Office depicted the victim's blue Ford Falcon driving towards the sports ground, allegedly followed a short time later by people in Seymour's partner's Mitsubishi Colt.

The man was allegedly threatened with the weapons before being forced to sign over his car at gunpoint.

He said a gun had been pointed straight at him for about five seconds before being told to "get the f--- out of the car".

The man said the driver and Seymour pointed pistols at him and Burns was armed with a machete.

The court heard a machete was later found in the Colt.

Burns and Seymour both entered pleas of not guilty on Thursday.

Seymour was bailed to drug rehab and the men will face the County Court on March 16.

Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: