The story is told in the first person; the narrator is Alexei Ivanovich, a tutor for the family of a Russian general. They are staying at a resort in Germany. Alexei is in love with the generals stepdaughter, Polina. After he swears his undying love for her, and offers to do anything she wishes, Polina asks him to go to a casino and place a bet for her.
Unbeknownst to Alexei, Polina's stepfather is in dire financial straits. He finally agrees and ends up winning at the roulette table. This was Alexei's first experience with gambling.