The world of horse racing provides the backdrop for this episodic drama. Much of the story is set at the Luray Springs Hotel where the characters wait for the running of the Capitol Handicap. The main story focuses upon Colly Tannyer, a pretty young handicapper who must wrangle up $10,000 so she can bet on a special horse. He former lover, Cuff Billings, helps her out under the condition that if the horse loses, she must make love to him. She agrees, and unfortunately, her steed places third. Fortunately, Cuff is more honorable than she though and he ends up romancing her.