2.6.3 Time Dependence in Elo-Rating

Though not stated explicitly, the model of ELO uses static rating with a low pass filter (over the tournament count) to accumulate the results. The filter grows with the rating. The concept is that low rated players are assumed to be scholastic players, which change their rating rapidly.

The ELO-low-pass-filter decays exponentially with the time. This causes the games to devalue very rapidly from the start.