Each ranked game you win earns you League Points while each lost one decreases your current LP. The exact amount of lost or earned League Points per game depends on your hidden Match Making Rating. If you have higher MMR than a set amount for your division you gain more LP per won game and lose less LP per lost game, if your MMR is lower you gain less and lose more LP per game.
MoF10 wrote:Noob here. Can someone explain to me what lp is?