How does MMR work?
Like what is it based off and how do I raise it?
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MMR (Matchmaking Rating) is a numerical measure of your skill. Riot does not disclose the formula, but generally, you will be matched with players of similar skill. You will gain MMR after a win, and lose MMR after a loss. The amount of MMR gained/lost will vary depending on the other team's skill relative to your own. As your MMR increases, you will be matched with higher skilled players. Likewise, you will be matched with lower skilled players if it decreases. Eventually, it stabilizes to around your current skill and, in the long run, you will win about 50% of games.
MMR is different from League Points. After placements, you will be placed in the league your MMR says you belong in. Then, in a league, you will gain LP (League Points) for a win, and lose LP for a loss, ranging from 0 to 100 (can go negative if you dodge games). At 100 LP, you will be able to play 5 promotion matches. Winning 3 of these matches qualifies you to the next division (ex: gold 4 -> gold 3) or the next league if you are already in the first division (ex: gold 1 -> plat 5). The MMR works in the background, making sure you are in the correct league by giving more LP and losing less when your league is below your MMR, and giving less and losing more when your league is above your MMR.