Retired middleweight champ Jimmy Brody has quit the ring for his socialite fiancée, Helen Cunningham, and gone into the book publishing business with her father, Chester. Helen goes on a world cruise and Chester informs Jimmy that they must have money in order to avoid bankruptcy. So, to raise money and believing the world-cruising Helen will not hear about it, Jimmy arranges with his old manager, Gus Weller, to see promoter Tex Harmon about a match with the current titleholder, "Killer" Bronski. Big-shot gambler Tony Russo agrees to underwrite the challenger's cut and to take care of the publicity. Tony hires a fast-talking press agent, Terry Shea, to build Jimmy up as the favorite, with the intention of cashing in on what he believes will be Bronski's certain victory. The reason that Tony believes this is because he has dropped several pointed hints to Jimmy that Jimmy will stay healthy after the fight only if he emerges the loser. Jane Cunningham, Chester's younger daughter, suspects something is up and enlists the aid of her fellow reporter, "Ace" Martin. They pay a call on Tony and "Ace" threatens to blast him in the press. But before he can, Tony has him blasted in the alley. The police secretly assign a member of the homicide detail, Kroner, to keep a close watch on Tony.Helen hears about the fight via ship-to-shore and sends Jimmy a wire breaking their engagement. Jimmy has already accepted his end of the money and used it to bail out the business of his future father-in-law. Jimmy wins the fight, but gets hammered a bit doing so and has to go to the hospital. And Tony sends a henchman to the hospital to deliver a message to Jimmy.