Elo Rating System in Poker?

As a chess player and poker player, I have always wondered what it would be like to implement the Elo rating system (used in chess) in poker. The player is rating is determined relative to all other players in the pool, so the universal Elo rating (the one that you could transfer from one poker room to another) will not work. That is, one poker room would have to hold a certain event or a series of events in which each player would track their Elo rating. I am not quite sure how ratings will go up or down depending on performance, since poker is not exactly a win-or-lose game like chess. Assuming this can be modeled correctly, I think a rating system like Elo could have some pretty interesting poker applications.
I like the idea of having a rating system in poker, given that such a thing can be reasonably implemented. What do you guys think about such a system? Would you play a ranked poker series?

Sounds really good!

Of course, the system that you offer is excellent and time-tested for a game like chess. I think we will run into some problems if we try to introduce this for poker. At a minimum, chess requires much more skill to win than poker. In addition, poker games are different in duration, so it will be impossible to distribute the rating evenly between the players. It will be almost the same if you add a rating for reputable casinos not on gamstop uk if you understand what I mean. It seems to me that this can only work if we add a rating system to tournaments where all players are on equal terms.