There have definitely been series which would have lost using the closing line, I just don't have the dates/games handy. Chau is a master in marketing and finds ways to transform a loser into a winner, or he creates a new "rule" which disqualifies a loser.
As to transparency, ere is a quote from rules from 2010 for the system at the time:
Finally, my research has also shown that it is worth it to buy between 2-3 points for your team if they are playing on the road. If you prefer to just wager on the point spread so that you will always get -110 odds, then that is fine. However, buying 2-3 points on the NBA road team is a profitable “rule-of-thumb” betting strategy that I can recommend, because the amount of additional money that you have to risk does indeed justify the increased rate of winning over long term. The greatest return on investment is by buying exactly 2.5 points on the road team.
IMVHO, this is NOT very transparent -- "point spread is ... fine, buying 2-3 points... "rule of thumb", greatest ROI is by buying exactly 2.5" -- so which is it?
