Does drawing against a lower ranked player cost the higher ranked player ELO points?
Yes, but less than if it was a lost. Because the highest ranked player is "expected" to win.
(the formula is available on Wikipedia, search for "ELO"
Haha yes even for a player like me when i draw with like someone who has 1100 value(example mine has 1360)i loose like 10 pts...
Clint City, day.