Boots Malone is a jockey's agent and wheeler-dealer who went from living at the Ritz to in a room at the stables after his star jockey is killed in an accident. After nearly three years, he has yet to find a replacement. Along with his cronies at the track, Malone manages to buy a horse that's a bit of a sleeper. Their hopes of cashing in take a positive turn when Malone decides to train an eager young man, a runaway from a rich family, as a jockey. When gangsters tell Malone to throw the race in favor of another horse, he faces a major dilemma.