Fred and Barney reluctantly agree to babysit Edna Boulder's son, Egbert, which makes them miss a chance to go and see a wrestling match. A blackout of the event in their area prompts them to bring Egbert with them to their friend Joe Rockhead's house so they can watch the fight. When Fred and Barney mistakenly believe that Egbert has run away, this leads to a huge misunderstanding that results in them, as well as Joe Rockhead, getting arrested.

To finance their dream of opening a pool hall, Fred and Barney visit the dinosaur racetrack where Fred bets his entire paycheck on a long shot. To cover for gambling, Fred pretends to have been beaten by a robber and tells Wilma that he has lost his check. When the longshot pays off, Fred and Barney are initially elated but quickly realize their problems are only beginning.

Barney decides to surprise Betty with a belated engagement ring, which he gives to Fred for safekeeping, but Wilma discovers the ring and assumes it is a gift for her. Not wanting to shatter her dream, Fred decides to buy a second ring but doesn't have the cash, so he talks Barney into competing with a boxing champ in order to win a $500 prize. Wilma and Betty soon discover the plot and persuade the champion to let Barney win, not wanting any harm to come to the latter. Despite this, the champion still beats Barney, knocking him unconscious. Furious, Wilma and Betty assault the champion for double-crossing them and force the champion's manager to give the $500 prize to Barney. Afterwards, Barney manages to buy a new ring for Betty.