This is a question that has fascinated me and there have been many possible solutions but none of them could of been right. Is there a true meaning for ELO or is it just some random letters put together to make a format?
It's a surname my friend.
Surname of the one who invented such ranking system.
I know it was originally used as a way to determine a chess player's skill level. And Elo was the surname of the creator's name, that's all I know