These once-in-a-lifetime hole cards appear in only 1 in 221 hands, or about 0.45% of deals. So the ascent to “nuts” with AA is not as frequent as some novice players assume.
With heads-up play, pocket aces are a powerhouse; they trounce any random hand about 85% of the time against a single opponent's random hand. Good, yes?
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Against king-king, AA dips to 81% favorite. Open up the field to suited connectors and the aces' chances ebb to 76.83% favourite, all preflop.
In practice, players do lose with aces. Often it feels mechanical: you limp, get shoved on and crushed by another big hand. Slow-playing them into a multiway pot is the classic way to throw that edge away.
Aces are also rare winners at a double-dose: the probability of pocket aces back-to-back is 1 in 48,841.
Pocket aces look great in the showdown, but you can't play the card, you play the player. It's the rare hand, true, the luckbox of Hold'em. But you still need to build the right pot, go to war with the right hand in most of the flops. Equity is a circumstance, not a guarantee, for aces or any holding.