The Penguin teams up with newly-broke racehorse owner Lola Lasagne to rig the outcome of the Wayne Handicap race. They try to close a deal with a glue-factory owner to swap one of his broken-down nags for Lola's magnificent horse Parasol.

King Tut has seemingly gone straight and is predicting robberies before they happen. The Gotham lawmen agree that Tut must be up to no good, but when Batman and Robin investigate, they can find no evidence of wrongdoing.