Episode
Episode 126: The Sunk cost Fallacy (UPDATED version with audio issues fixed)
- Podcast
- T&A: Tens And Aces. An AP Blackjack podcast. Turning the tables from Las Vegas to Local Casinos
- Published
- Jan 19, 2026
- Duration seconds
- 4510
- Processing state
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Summary
In this installment of our attempt at imaginary radio, something that we like to call The Tens and Aces Podcast, host Mike AP sits down with returning guest Chris and his playing partner “Bad Steve” for one of the most candid, technical, and brutally honest AP conversations ever recorded on Tens & Aces. Steve walks through his origin story — from growing up with nothing, to learning basic strategy in college, to joining early teams that paid him certainty‑equivalent hourly rates while he played underage. He explains how he built a bankroll, got backed off everywhere, attended a blackjack science seminar, learned EV and risk‑of‑ruin math from a legendary AP mentor, and eventually moved into advanced plays like hole‑carding, next‑card knowledge, and exploiting dealer procedures. The three dig into the psychology of casinos, why APs are a rounding error yet still hunted, and how ego, pride, and incompetence shape surveillance decisions. They share stories of disguises, misdirection, obscure deviations, misdeal opportunities, shuffle‑tracking, and the soft‑skills that separate elite APs from basic counters. Networking, trust, and the emotional toll of variance take center stage as Steve describes losing huge sums while still having a massive edge — and why most new APs underestimate the psychological cost. The crew breaks down bankroll swings, team dynamics, bad intel, and the importance of character when trusting someone with tens of thousands in chips. This episode closes with reflections on how AP thinking transfers to business, why some brilliant people choose crime over legitimate opportunity, and a reminder that more of this marathon interview is coming soon. In Part 1 of this multi‑episode interview, Mike AP sits down with professional advantage players Chris an…