A successful bookmaker offers unusual insurance policies and tries to keep an actress from marrying.
Numbers (William Gargan) tells bookmaker "Odds" Owen (Warren William) that a long-shot bet could cost them $50,000. Odds calls Brains (Vince Barnett) to alert Doc (Spencer Charters). After the horse wins, they take saliva for a test and discover the horse was doped. Odds calls on attorney Everett Markham (Clay Clement) and offers him the choice of the $50,000 bet pay-off or the medical report. Markham takes the report, and Odds also hints that he should sell his stables.
Realizing that Lloyds of London uses percentages the same way he does, Odds decides to offer freak insurance policies. Leading actress Marilyn Young (Claire Dodd) is dating hypochondriac Dwight Boardman (Walter Byron) and may marry him. On her acting income she is supporting her father Col. Jefferson Davis Youngblood (Guy Kibbee), who wants to publish his history showing that the South did not lose the Civil War. Markham wants to marry Marilyn and suggests that Col. Youngblood take out insurance that she will not marry in three years so that Youngblood can collect $50,000 to publish his book. Col. Youngblood goes to Odds and agrees to pay $100 a week for the policy. Odds has Marilyn followed so that he can stop anyone from dating her more than three times. At a bar Doc treats a phony victim of a heart attack and persuades Boardman that marriage was the cause. Marilyn meets Odds and soon learns that Boardman left town. In a restaurant David (Errol Flynn) is also prevented from dating Marilyn when she sees that he seems to have ties to several gangsters.
When it becomes clear that Markham is going to marry Marilyn, Odds intervenes by dating her himself. Finally he substitutes for the detained Markham and marries her himself.
This little comedy satirizes a clever merging of gambling and insurance by adding romance as the trump card.