Humphrey "Sorrowful" Jones, a New York bookie, runs his operation from a hidden trap door in a Broadway barber shop. When Dreamy Joe, a horse owned by Bruce Cabot as Big Steve Holloway, unexpectedly wins a race, Jones is left paying out a storm of bets and suddenly finds his pockets emptied. The setback hits hard, and the world of fast cash and faster risks tightens its grip around him.
At a nightclub, Jones learns the race was fixed by Big Steve, who makes his power clear by demanding $1,000 from every bookmaker in his circle in exchange for the damning information. Even as he fumbles to come up with the cash, Jones decides to place bets on Dreamy Joe for the next race, clinging to a sliver of hope. In the midst of this, Orville Smith gambles with Jones, leaving his daughter Martha Jane—four years old—as collateral for the bet, a gambit that will bind their fates. The situation escalates when Orville is killed by Once Over Sam after overhearing a phone call that reveals the fix, and Jones is left with the responsibility of protecting the child.
Jones brings Martha Jane into his life, and his former partner Gladys O'Neill steps back into the picture to help care for the little girl. Lucille Ball brings a steady warmth to Gladys, whose presence brings a glimmer of stability to the chaos around Jones. Big Steve, ever the schemer, announces that he’s quitting the crooked business due to an impending racing commission investigation, but he intends to fix one final race to ensure Dreamy Joe’s victory. He also transfers the horse’s ownership to Martha Jane, unaware that she is Orville’s daughter, a detail that tightens the net around Jones and the child.
After the race plan is revealed, Jones tries to uncover Martha Jane’s mother, only to learn that she is deceased. With Martha Jane now in his care, Gladys proposes a simple, ruthless plan: hand over Dreamy Joe’s winnings to the girl to help her survive, one move that could blow Jones’s operation wide open if the authorities pry too deeply. Meanwhile, Big Steve discovers that Martha Jane is Orville’s daughter, forcing Jones to hide the child to keep her safe from harm. In a tense moment on a fire escape landing, Martha Jane suffers a serious fall and falls into a coma. While she lies unconscious, she calls out for Dreamy Joe, drawing Jones and his ally into a daring rescue.
To save Martha Jane, Jones and his trusted associate, known as Regret, pull off a bold heist at the racetrack, stealing Dreamy Joe and bringing the horse straight into the hospital room where the girl lies. William Demarest embodies Regret, a loyal yet weathered confidant whose resolve helps push the plan through. The sight of the living horse and the hope it represents jolts Martha Jane awake, and the police uncover Big Steve’s role in Orville’s murder and in the broader scheme.
With Big Steve arrested, Jones proposes to Gladys, signaling a new beginning. The law seeks to place Martha Jane in an orphanage, but Jones and Gladys—now married—choose a different path: they adopt the girl and start a family of their own. The story closes on a note of renewed purpose, as the trio heads off together on a honeymoon, their lives forever altered by the unlikely rescue of a child and a streetwise bookie who learned to fight for something beyond money.
