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Elo calculation off?

I don't know what the algorithm is behind elo calculation but this seems WAAY off to me: http://imgur.com/5QGF1jP

This is my own starter. He has a W/L ratio of 61/38 (almost double) but he is still floating around the 1200 elo. What's going on?
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It's the same effect as in LoL itself.
When a player starts playing solo queue the initial gains are around +-50 and with around 40 games played they will balance of to +-12. This means for example that the player could've lost more games early.
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Oh Allright, fair enough. It was the case idd, he lost a lot early.

Maybe it would have been smarter to wait with soloQ untill his stats were better :(