The new Gizmondo, or second version, is to be launched on Christmas this year. Good news to every mobile gaming lover, they can get their hands on the new shiny toy in a few months.

The new portable handheld gaming device is coming as a serious competitor to DS and PSP. The new Gizmondo mk2 console is substantially improved and in Europe it will hit the markets by Christmas.

The company issuing the device said that they have already signed a contract with a Chinese manufacturer and the production of Gizmodo mk2 will start very soon.

The design is essentially similar to the first Gizmondo but the latest version includes a newer version of nVidia graphics chip and a better battery.