Some exciting Christmas gift exchange games are a holiday cheer exchange or a white elephant exchange. A few other ideas are a dice game called "Roll For It," a keyword game called "Right/Left" or a Christmas gift version of "Hot Potato."
In a holiday cheer exchange, the guests sit in a circle with their gifts. They then ask questions concerning Christmas traditions, such as, "Do you have an ugly Christmas sweater?" Anyone who answers yes to the question stands and exchanges her gift with someone else who is standing. The game ends after a set number of questions or when each guest has a different gift.
In the game "Roll For It," each guest rolls the dice and passes it to the person next to them. When a guest rolls a 6, he takes a gift from the pile of gifts or can take a gift someone else has already chosen. If someone has a gift taken, she can choose a new gift from the pile. The game ends when all the gifts in the pile are taken.
For the game "Right/Left," the host chooses a classic Christmas story and everyone agrees on two keywords that are prevalent in that story. When the first word is spoken, the guests pass all gifts to the right. The second word signals the guests to pass to the left. When the story is over, the guests open the last gift passed to them, unless it is the one they brought to the party.