The ongoing rumours about drop in price of Xbox 360 Arcade has just been confirmed by WalMart and with the dip in price comes a game bundle offer complete with a bonus $50 giftcard.

As per Walmart's statement: "Microsoft today reduced the price of the Xbox 360 Arcade and Xbox 360 Elite by $50. That translates to $149 and $249 at Walmart stores nationwide, while supplies last."

This means for a $149 an Xbox 360 Arcade one gets a $50 Walmart gift card, two bonus games (Banjo-Kazoole: Nuts & Bolts and Viva Piñata) and a wireless controller.

The specs of the console come with 256MB storage and has a composite A/V cable and 30-dayXbox LIVE Gold membership.

It is launched as Father's Day gift card and bundle from Walmart that started the sales of the same by June 13th and will be available on top of the new price reduction through June 20th.