Millionaire playboy Fred White is attempting to make chorus girl Evelyn his latest conquest. Evelyn, on to Fred's scheming, has some scheming of her own, attempting to maneuver Fred into marriage. In a last ditch effort to get Evelyn into bed, Fred purchases a diamond bracelet, to which he has attached a key to the apartment he has leased as their potential love nest. When he shows the bracelet to his friend, Howard, the friend warns Fred that Evelyn is simply a gold-digger, only interested in getting him to marry her so that she can gain access to his money. The two make a bet. If Fred wins by getting her to be his kept woman, Howard has to pay for the bracelet and the cost of the apartment, and if Howard wins, by rejecting Fred's non-marital advances, Fred will owe Howard the same amount of money.