High-rolling gambler "Odds" Owen (Warren William) establishes an American insurance agency created along the lines of Lloyd's of London. Owen insures Kentucky colonel Jefferson Davis Youngblood (Guy Kibbee) against the possibility that Youngblood's actress daughter Marilyn (Claire Dodd) might get married, thereby cutting off the Colonel's allowance. After scaring away several prospective suitors, Owen messes things up by falling in love with Marilyn himself. Odds are that the 60-minute Don't Bet on Blondes would be completely forgotten were it not for the presence of new Warner Bros. contractee Errol Flynn, who appears in two brief scenes as one of Marilyn's boyfriends. It was Flynn's first speaking role at Warners, and he carried it off with class if not distinction.