Until last week, Jilma Bejarano, an illiterate mestizo, servant girl in Caracas, had never seen as much as 100 bolivars ($30) at one time. Now she has 209,503 bolivars (more than $62,000), plans to buy three houses, bring her six illegitimate children from the country to the city. Jilma is a winner of the five-and-six, Caracas' long-shot version of the U.S. daily double.

Dreamed up by the managers of the local race track, five-and-six has become a national obsession in Venezuela. More than 1,500,000 bolivars ($450,000) are wagered every week. To play five-and-six, the hopeful buy forms at four bolivars...

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