In the first act (entitled "The Slump"), which takes place in a sleazy hotel room, apparently in the United States, Cody is chained to a bed, where he is being watched by two gangsters, Beaujo and Santee.
The audience learns that Cody was kidnapped by the gangsters because he has the ability to predict the winners of races in his dreams – they refer to him as a "dreamer."
By the end of the first act, the pressure has mounted on Cody, and he begins to regain his ability to predict winners, although they are in dog races.
The second act (entitled "The Hump") takes place in a much fancier hotel room, apparently in England.
Although Cody picked a long series of winners in dog races, bringing in a lot of money for the gangsters and their bosses, he has since cooled down, and he is again being threatened.