Elísabet started with Valur FC as a youth player and progressed to the senior team before moving to Stjarnan in 1995 and playing two seasons with the club.

She then rejoined her mother club Valur FC in 1997 and played until 2001 when she decided to retire and take over IBV in the highest women´s league as the head coach.

For nine years she coached different age groups at the club and played a big part in building one of the most organized and successful youth programs on the women's side in Iceland.

Elísabet is known for making high-profile transfers for her teams and brought players like German world champion Viola Odebrecht and Scottish Julie Fleeting to Iceland to play for her at Valur FC.

[citation needed] In August 2014, Marija Banušić gave Kristianstads the lead in the Svenska Cupen (English: Swedish Cup) final, but Elísabet's team were defeated 2–1 by Linköpings FC.