It might have been designed for chess but it is used for many team games such as basketball, football, and soccer. So, your assumption that it doesn't seem to work in a team game is wrong.
There's math behind it. It is used to predict outcomes of future events based on past events. In the case of LoL, it predicts which team should win by the combination of Elo ratings of the players in the game. If the prediction was right or wrong, it makes adjustments to the Elo ratings to make better predictions. Since the only real outcome is a win or a loss, none of what people consider the contributions are even considered for Elo ratings.
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Originally Posted by Cyrustorz
Which only makes sense if your team remains the same such as in basketball, football, soccer. Not solo queue.
So every time someone goes on the injure list or you switch out pitchers every game in baseball, you should change the team's Elo? Since you brought solo queue up, did you know that Elo is used in Guild Wars, Wow, Unreal Tournament, and other games where teams don't stay the same? I don't think I'll even get close in LoL to the Elo I had in the Unreal Tournament games 2300+ in all game types and 2600+ in Death Matches. I'm not even rated in LoL because I play more for fun and not going to spend near as much time as I did with UT. But, I never blamed Elo for being inaccurate.