Molly, her brother, Slats, and his pal, Oliver, are taxi dancers at the Miramar Ballroom. As a publicity stunt, Slats plants an article about Molly claiming her ambition is to earn enough money to attend staid, all-girl Bixby College. Bixby's progressive dean offers Molly a scholarship. Molly accepts on the condition that Slats and Oliver come along too as campus caretakers. But the pompous Chairman threatens to foreclose on the school's mortgage if Molly isn't expelled. Together, the trio, with the help of some new friends, concocts a scheme to raise enough money to save the school. The plan involves a bet on the Bixby basketball team, which is playing in a game rated at 20 to 1 by the local bookie. But the bookie has other plans for their dough and hires a group of ringers to step in for the opponents. All is not lost, at least while Oliver has the chance to turn things around for his friends-one way or another.

Happy-go-lucky aspiring sportswriter Lon Decker from Indiana who has aspirations of becoming a sportswriter meets the shrewd and larcenous old man, "Mac" Dougal during his wandering. Mac likes to ensure his bets on Quarter-Horse races by doping a horse or two here and there. When Lon finds out Mac intends to fleece wealthy rancher Zelda Bagley he sets out to stop him.