Edward Campbell, known as Checkers, is a racetrack tout. Determined to reform himself, he foreswears gambling, but must take it up once more in order to save someone he loves from disaster.

In a mock fraternity initiation, a group of Yale students haze Paul Browning for tattling. When he learns that the leader of the group, oarsman Buck Simmons, is also winning the favor of Aida Courtlandt, the dean's niece, the jealous Browning and gambler Burton Hampdon, to whom Browning owes money, attempt to disgrace Buck so he will not be allowed to participate in the upcoming Yale-Harvard race. After they fail to lure Buck to bed with a girl, Browning takes Aida to a roadhouse so that Buck will have to break training rules to go there. When the coach, suspicious about the roadhouse incident, finds a letter planted on Buck about a deal for him to throw the race, he suspends Buck, but with Aida's influence, the dean straightens matters out. After Yale wins a close race, Browning shoots at Buck, who then trounces him. Proclaimed captain of the next year's team, Buck becomes engaged to Aida.

The arrival of pretty Carol Milford in the staid Midwestern town of Gopher Prairie really shakes up the locals.