Elo is the rating system developed for chess, but it’s also used in other games where one side wins and the other loses. Adaptations have been made for games with a score, where winning 5-2 is better than winning 3-2, but that’s not traditional Elo. It’s also not an acronym, it’s named after a guy named Elo who invented it.
The concept is that the difference in ratings is a predictor of match outcome. So, If I have a much higher rating, I’m expected to win so if I win my rating changes little. On the other hand, if I lose my rating (and the lowly rated player that beat me’s rating) changes by a larger amount.
There is no meaning in the absolute value of the rating, like you see in a golf handicap. Only the relative rating between two players/teams is important.
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