Kaiji Itou is a bum who's been living in Tokyo for 3 years and gambling his life away, then one day a shady man named Endou Yuuji comes to his home asking for Takeshi Furuhata. It turns out that his friend Furuhata disappeared and left Kaiji with the debt of ¥3,850,000, which will take him 11 years to pay off. But Endou has a proposition for him; he wants Kaiji to participate in the gambling event on the Harumi Wharf.

The event that will decide the fate of Kaiji and the rest of the debtors, onboard the Espoir, is a game called "Restricted Rock Paper Scissors". Following the explanation, Kaiji is then approached by Funai (the other person who borrowed 10 million) and it turns out that he's a repeater. He wants to team up with Kaiji and Kaiji accepts, not knowing what he just gotten himself into.

Trapped in the depths of despair, Kaiji teams up with Furuhata and Andou but their group is already in a shambles, when Andou decides to backstab them. Kaiji doesn't let this affect him and he comes up with a plan to win, yet they first need some stars and someone to take the bait.

With Kitami's group now falling apart, Kaiji proceeds with his plan of buying out all their 30 Paper cards. Funai later approaches Kaiji with their proposition to trade his star for some of Kaiji cards but Kaiji refuses. Now that no one can trust each other, Funai decides to proclaim that everyone should reshuffle their cards, which is an idea that will completely ruin Kaiji's plan.

The 4 hour game of "Restricted Rock Paper Scissors" is nearing its end and Kaiji's group is forced to join Funai's idea of reshuffling all the cards amongst the remaining participants. However soon afterwards they are stuck in their tracks with no one to play against. Kaiji was finally able to stop Funai from getting any more matches, after revealing his cheating plan and also comes up with a risky plan to survive.

There are only 5 minutes left and only Funai is left, so Kaiji challenges him to a final match wagering 5 stars. Kaiji has the edge because he knows that either way he will be sent to the "other room" but Funai is reluctant to except this unfair wager. In the other room Kaiji pins all his hopes on being resurrected.