In a bid to attract more gamers to its platform and put pressure on their competitors Microsoft has slashed the price of its Xbox 360 console in Europe, officially making the casual gamer-oriented Xbox 360 Arcade bundle a cheaper buy than the highly popular Nintendo Wii.

The new prices will be €199 for the Arcade, €269 for the Premium, and €369 for the Elite console – a drop of 80 Euros across the board. The move will (almost) line up prices with the rest of the world while taking into account a weakening US dollar. For example, the Arcade bundle, which sells for $279 in the US, will now sell for an equivalent of $305 in Euro markets, while prior to the cuts European customers had to pay something along the lines of $415.

By comparison, a Wii gaming console will set you back €249 in Europe – which translates into about $385. No doubt Nintendo will watch carefully to see how consumers respond to this latest round of price cuts by Microsoft.