It depends on the type of ELB used. AWS has over the time introduced Application ELB and Network ELB along with the Classic ELB.
Application Load Balancers applies listener rules and assigns the (HTTP/HTTPS) request to a target group. It selects a target from that target group using the round robin routing algorithm
Network Load Balancers node that receives the connection, selects a target from its target group using a flow hash routing algorithm
Classic Load Balancers uses round robin routing algorithm for TCP listeners and least outstanding requests routing algorithm for HTTP and HTTPS listeners
.
TLDR;
The modern ELBs use round robin routing algorithm for HTTP/HTTPS requests
and flow hash routing algorithm for TCP requests.
Classic ELB used round robin routing algorithm for TCP requests and least outstanding requests routing algorithm for HTTP and HTTPS requests
Source / Further Reading : https://docs.aws.amazon.com/elasticloadbalancing/latest/userguide/how-elastic-load-balancing-works.html#routing-algorithm