A $5$-element subset of $[500]$ is called a hand. A hand is good if the sum of its elements is a multiple of $5$. We are told to determine the number $N$ of good hands.
Each hand $H$ determines a quintuple $x=(x_0,\ldots, x_4)$ of numbers $x_i\geq0$ as follows:$$x_i:=\#\bigl\{k\in H\bigm| k=i \ ({\rm mod}\ 5)\bigr\}\qquad(0\leq i\leq 4)\ .$$
This means that $x_i$ gives the number of elements in $H$ having remainder $i$ modulo $5$. Whether $H$ is good is completely determined by the $x_i\>$: We must have
$$\sum_{i=0}^4 x_i=5\qquad\wedge\qquad x_1+2x_2+3x_3+4x_4=0\quad({\rm mod}\ 5)\ .\tag{1}$$
A quintuple $x$ satisfying $(1)$ is admissible. Since for each $i\in[0..4]$ there are $100$ numbers in $[500]$ having remainder $i$ modulo $5$, an admissible $x$ represents
$$N_x=\prod\nolimits_{x_i\ne0}{100\choose x_i}\tag{2}$$
good hands. This shows that the actually occurring numbers $x_i$ play a role in our problem. Therefore we group the quintuples $x$ according to these numbers. This means that we consider each $x$ as a partition of $5$ into $5$ parts $\geq0$ (by writing the entries of $x$ in descending order), and collect the $x$s belonging to the same partition into a group. There are the following partitions of $5$:
$$\eqalign{(5,0,&0,0,0),\quad(4,1,0,0,0),\quad (3,2,0,0,0),\quad (3,1,1,0,0),\cr &(2,2,1,0,0),\quad (2,1,1,1,0),\quad (1,1,1,1,1)\ .\cr}\tag{3}$$
We have to count the admissible quintuples $x$ in each of the groups belonging to the partitions $(3)$. Denote by $a_5$, $a_{41}$, $\ldots$, $a_{11111}$ the resulting numbers of admissible quintuples. As we shall see we have
$$a_5=5, \quad a_{41}=a_{32}=a_{2111}=0, \quad a_{311}=a_{221}=10, \quad a_{11111}=1\ .\tag{4}$$
From $(2)$ it then follows that the number $N$ requested in the problem is given by
$$\eqalign{N&=5{100\choose5}+10{100\choose3}{100\choose1}^2+10{100\choose2}^2{100\choose1}+{100\choose1}^5\cr
&=51\,048\,937\,600\ .\cr}$$
For the proof of $(4)$ it helps to note that when $x=(x_0,x_1,x_2,x_3,x_4)$ is admissible (resp., inadmissible) then the rotated quintuple $x'=(x_4,x_0,x_1,x_2,x_3)$ is admissible (inadmissible) as well.
The facts $a_5=5$ and $a_{11111}=1$ are obvious. For $a_{41}$ we may assume $x_0=4$ and then see that we cannot make any other $x_j=1$ without violating $(1)$. Similarly for $a_{32}$. For $a_{2111}$ we may assume $x_0=2$. As $1+2+3+4=0$ mod $5$ we cannot select three of the numbers $1$, $2$, $3$, $4$ and obtain $0$ mod $5$; hence $(1)$ cannot be fulfilled. For $a_{311}$ we may assume $x_0=3$ and then may select $x_1=x_4=1$ or $x_2=x_3=1$ to fulfill $(1)$. Rotating the two quintuples $(3,1,0,0,1)$ and $(3,0,1,1,0)$ gives $10$ possibilities. Similarly for $a_{221}$.