When compulsive gambler Sir Giles Staverley has lost his estate and all his money playing dice, he realises that he only has one thing left of value: his daughter Serena.

In a final game, he stakes his daughter's hand in marriage, and loses her to the evil Lord Wrotham. Unable to return home, Sir Giles kills himself there and then.

Lord Vulcan, who has witnessed the events, challenges Lord Wrotham to a game of dice in which the winner takes both Staverley Court and Miss Serena. Lord Vulcan wins and thinks no more about the event.

One evening, however, Vulcan's friend insists upon them going to take a look at Vulcan's "prize." Arriving there, Vulcan finds Serena Staverley more beautiful than he ever imagined.