Barbara Drake, a "society horsewoman," arrives two hours late to a country club party held in honor of her engagement to the "noted gentleman rider," Denny Paine, because she rode in a van with her beloved horse "Playboy." Denny complains that her whole life revolves around the horse, and they have an argument. When the Ritz Brothers, who own a "Wild West" pony ride, overhear Braddock, an influential horseman, place a $1,000 bet on a horse named "Yankee," they hurry to the track, but mistakenly place a ten dollar bet on Playboy, rather than on Yankee. Playboy wins, and the brothers make over $3,000. After they purchase a convertible, the brothers learn that Playboy will be running again, so they call their bookie to place a $500 bet on him. Meanwhile, Denny demands that Babs either give up Playboy or him, and then challenges her to a bet: if Playboy does not win a stake race in the next three months, she must give him the horse and consent to marry him. Babs laughingly agrees, but Playboy does not win another race, to the dismay of the Ritz Brothers, and Babs gives the horse to Denny. As he is transporting the horse, his van gets a flat tire. Playboy escapes and stops to investigate the Ritz Brothers' ponies. Seeing that Playboy likes it there, Denny gives the brothers the horse with the stipulation that they do not sell or give Playboy to anyone else. The brothers soon find that Playboy is a natural jumper. When Babs learns that Denny gave her horse to a pony ride, she worries that Playboy will be beaten and kicked. Infuriated, she breaks her engagement to Denny and then locates the Ritz Brothers. When she learns about Playboy's jumping ability, she offers to pay the $1,000 entry fee, and they agree to give her twenty-five percent of the horse. Babs then cables her friend, Linda Tyler, and asks for a loan in return for allowing her to pursue Denny, in whom Linda has been interested. Linda, however, calls Babs's father, and Drake cuts off Babs's allowance. After Babs fails to get money from friends because of Denny's interference, Harry Ritz talks a wrestling promoter into paying him $1,000 to wrestle "Terrible Turk." Turk has Harry nearly pinned, but one of Harry's brothers switches off the lights, while the other knocks out Turk with a hammer. As the lights go on, Harry is on top of Turk, and he wins. On the day of the race, Denny, who now wants Babs to win, learns that the famous Russian Borukoff Brothers will ride. Fearing that one of them will win, Denny warns the Ritz Brothers and offers to ride Playboy himself. When the Ritzes overhear the Borukoffs' plan to use dirty tricks against Denny, they lock the Russians up, steal their uniforms and take their places in the race. Babs fears that Denny will make Playboy lose, but Linda convinces her that he is racing to prove his love for her. During the race, after two of the Ritz Brothers fall off their horses, Harry goes into the lead despite all his efforts to lose, including blindfolding the horse. When Harry sees that the horse loses ground every time he jumps, he makes the horse repeatedly jump during the stretch, and Denny wins. Denny kisses Babs for the photographers, while the Ritz Brothers convalesce in an ambulance.