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Whenever we have to find a standings-table, we honor fast driving more than slow driving. We though never take into concern that we expect some (Valentin K for example) to win. We know before the race that chances that he wins are high. By assigning points we could give the winner 14 points. No matter if its Valentin or someone else.
Elo-based ranking is different. We expect Val to win. If he wins, he gains points. But not as many as someone rated below would gain if he won. If he looses - he can loose much, as he was expected to win. He looses more than "normal" as the one that was not expected to win on the other side won - and gains more than in normal circumstances.
The "loss of points" and the "win of points" is always the same. If A was faster then B he gains the same points as B looses against A.
As the Elo-Rating was designed as a 1-1 Player (or game or Outcome), i had to adopt it a bit, saying: A race is a match of each participant against each participant. So in race 1 we had 18 participants, meaning every racer hat 17 matches to win or loose. Val, for example, won all single matches.
AN EXAMPLE TO MAKE IT EASIER TO GET IT
To start with, expectations for the first race were simple. We all started at 50% expectation for anyone being faster or slower - as we did not know who was faster or slower for this specific touranment.
The math-formula is avaliable on wikipedia, fact is that either a win or a loose given the expectation (of fifty-firty) brings you 12.5 points per match (With K = 25 and initial values of 1500). Val won against all and gained 12.5 * 17(opponents) = 212.5 points. Proove is found here for the total Deltas and by clicking on "Delta: VALUE" you go to the details.
Well - this is boring - because the Elo-values were initialized to be set equal. Now that all have raced at least a reace - we go for real. You see the results of race 2 here, the details upon clicking behind each racer on the Delta-value.
Alphonse was not expected to win - so he gained more points than if the order would have fit the expectation.
Downsided of Elo-Based calculations are: its not easy to know the outcome if you dont know the principle behind it and - its not easy predictable, as one may win or loose on any rank, therefore points are awarded on what elo expected you to do in relation to what you did.
Positive on Elo is: we take into account what we know of your "career" and changes can happen if you improve your skills or loose your mojo. Its not static, its volatile.
Maybe the most advantage and the reason Elo was chosen here is that you may miss one or more races - we still expect you to be somewhere and adjust your total score based on that expectation.
If you need more information, dont hesitate to ask again on asw-forums. Formulas and their realization are not really fun - but i hope the tournament still is...
cheers and all the best,

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