‘Betting’ Raj (Ram Charan Teja) is a Hyderabad-based happy-go-lucky guy who makes his living by betting. He lives with his adopted parents (M. S. Narayana and Sudha) who support his means of living. Everything goes on as usual until tragedy strikes the family in the form of his father who is diagnosed with cirrhosis as a result of heavy drinking.
Raj needs INR 2 million for his father’s liver transplant, which must be done within a month. As he is on the lookout for money, he is approached by James (Ajmal Ameer), another bookie whom he had already met at an earlier competition, with a betting challenge. James dares Raj to make Chaitra (Tamannaah Bhatia), a dental student and the daughter of the powerful betting committee president Bellary (Mukesh Rishi) to fall in love with him. If he is able to make her fall in love with him before the month end i.e. 31 December 2011, he would win INR 2 million.
A desperate Raj, badly needing the money for his adopted father’s operation, takes up the challenge and begins wooing Chaitra. Initially, Chaitra appears to spurn his advances and sets him even tougher challenges to propose her. Raj successfully overcomes all these challenges and Chaitra soon reciprocates his advances. Unfortunately, Bellary finds out about this relationship and sends his henchmen to kill the couple on the night of 31 December, the day Raj is to win his challenge. Raj successfully thwarts the henchmen and he and Chaitra escape to Srisailam. Bellary, with the help of his corrupt minister-friend Baireddanna (Kota Srinivasa Rao) and the latter’s Dubai-based son (Dev Gill), begin a search for the couple.
Meanwhile while Raj and Chaitra are on the run from Bellary’s and Baireddanna’s henchmen in Srisailam, James surprisingly appears and rescues them. At this juncture, Baireddanna’s son appears, kidnaps Chaitra and stabs James. A wounded James then reveals to Raj about the latter’s past.
Raj was the son of Suryanarayana (Parthiepan), a respected man in Rayadurg. Suryanarayana was best friends with a rich man Ramamurthy (Nassar), whose daughter was Chaitra. Chaitra was a childhood friend of Raj. Suryanarayana’s brother-in-law was none other than Bellary, who had found out about the presence of iron ore under Ramamurthy’s land. He and Baireddanna decided to exploit the ore for their sinister purposes. When Suryanarayana and Ramamurthy objected to this, Bellary, Baireddanna and their henchemen killed them and their families, except Raj and Chaitra. Chaitra was adopted by Bellary, who planned to kill her when she became a major, so that he could acquire Ramamurthy’s land. Chaitra, who already knew about Raj’s betting nature, told James, who was her school friend, to place the INR 2 million bet to Raj so that he could destroy Bellary and Baireddanna. Raj decides to avenge his father’s death and kills Bellary, Baireddanna and his son in a thrilling climax at Rayadurg, rescues Chaitra and distributes Ramamurthy’s land to the villagers.