A naive young woman named Jennie Jones (Marie Wilson) has a $1,000 inheritance and instructions from her grandfather to purchase a racehorse named Firefly, the direct lineage to a prize racehorse Jennie's grandfather raised. Unfamiliar with the racing world, Jennie counts on a pair of broke, scheming bookies Tip Bailey (Allen Jenkins) and Jinx Donovan (Charley Foy) for help. Tip and Jinx are long on schemes but short on sense and lose Jennie's money while betting on a sure thing. After Jennie gets a job waitressing for a smitten Mark Downey (Johnnie Davis), Tip and Jinx sell her a lottery ticket to settle a check. But once the ticket turns out to be a winner and Jennie becomes wealthy, Tip and Jinx arrange for her to purchase broken-down Firefly at an inflated price, only to discover they've sold her another winner!