The narrator meets Simon Wheeler at a bar and asks him about the infamous Jim Smiley. Simon corners him in the bar being persistent to tell his story about Smiley.
Jim Smiley had a horse that he would always bet on, a very sick horse. She would be behind the entire race until the end when she would win the race.
Jim placed bets on his bulldog that would always lay down and look like he wouldn't even try to fight. Although, as soon as he was in the fight he would jump up and attack the hind legs of the dogs and win. He had only lost once, he was up against a dog that had no hind legs and the dog died because of his sadness.
Jim had a frog that he taught to jump very high and thought he would win against other frogs. He made a bet with a stranger for $40 and then went to get the stranger a frog.
While he was going to get the frog, the stranger put lead pellets into the frog so that he could not jump. When they started, Jim Smiley’s frog did not jump and he lost.
Jim did not know what happened so he checked out the frog and tipped him over. When he tipped him over, the frog spat out all of the lead pellets. He then realized what the stranger did and got very mad.