Ted Frazier and Sleeper work for a gambler, Foster, who takes racetrack bets over the telephone. A mysterious millionaire, J.C. Poindexter always wins Foster "lays off" his most recent bet of $50,000 to another gambler, Kelly, and Poindexter wins again. Kelly pays Ted and Sleeper the money but sends two of his henchmen to rob them. Ted sees it coming and orders Sleeper to put the money in an envelope and down a mail chute. Sleeper puts the money in a wrong envelope and the morning mail brings an envelope full of face powder. Foster gives them until midnight to produce the missing money. Ted locates Susan Bannister as the money-envelope recipient but she has spent all but $8000. With Foster's gunmen, Bubbles and Dead Eyes trailing them, Ted, Susan and Sleeper set out to raise the money. In a night club they meet an eccentric calling himself Julius Caesar and amuse themselves by accepting the queer wagers he makes, and Ted "wins" $30,000 from him. Ted "bets" the $30,000 that Caesar can't hide where they won't find him and it is accepted.