The film follows Ben Campbell, an MIT mathematics major who dreams of attending Harvard Medical School but struggles to afford the $300,000 tuition. He applies for the prestigious Robinson Scholarship but faces stiff competition. After impressing a professor with his math skills, Ben is invited to join a blackjack team that counts cards to win money in Las Vegas. Despite initial reluctance, he joins, motivated by his financial needs and his attraction to team member Jill.

As the team wins big, Ben neglects his studies and friends, leading to tensions. A series of mishaps, including a drunken teammate's reckless behavior, results in Ben being expelled from the team. After suffering significant losses, he persuades the remaining members to form their own team, but they are soon caught by security chief Cole Williams.

After being beaten by Cole, Ben discovers he has failed a course and lost his blackjack winnings. He reconciles with his friends and approaches his former professor, Micky, proposing one last heist to regain his losses. The plan backfires when Micky betrays them, leading to a tense showdown with Cole.

In the end, Ben and Jill outsmart Micky and help Cole capture him, reclaiming their winnings. The film concludes with Ben recounting his wild story to the Harvard dean, who is left speechless, hinting at a hopeful future for Ben.