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XBox Live have launched a referral bounty program with Microsoft Points, Gold Membership Subscription Time, and Live Arcade games for both the gold member making the referral and their friends who upgrade from Silver to Gold Level.

Current Gold Level subscribers can head over to the URL https://xbox.promo.eprize.com/referafriend/ and start adding the Gamer Tags of friends who are at Silver Level -- and if those friend's upgrade to Gold they'll share in the rewards you reap.

Only Xbox LIVE Gold subscribers are eligible to participate in the Xbox Refer a Friend program, and can refer up to five (5) friends each day in attempt to earn rewards. Each month, Gold subscriber participants will receive a status email with all of the earned offer tokens, while Silver member that upgrade to Gold will also receive their token via email at the beginning of the next month. 

The official word on the different reward schemes is:

1. Get your free member friend to go Gold and you’ll get 400 Microsoft Points and your friend will get 400 Microsoft Points. Tokens to download Points will expire on December 31, 2011. Once downloaded, promotional Points will expire on June 30, 2012;

2. Get your free member friend to go Gold and you’ll get multi-player arcade game and your friend will get multi-player arcade game of Sponsor’s choosing;

3. Get your free member friend to go Gold and you’ll get 600 Microsoft Points and your friend will get 600 Microsoft Points. Tokens to download Points will expire on December 31, 2011. Once downloaded, promotional Points will expire on June 30, 2012; or

4. Get your free member friend to try Gold with a promotional token good for 1 month of Gold! BONUS: If your friend redeems the token within 30 days, you will get 200 Microsoft Points. Tokens to download Points will expire on December 31, 2011. Once downloaded, promotional Points will expire on June 30, 2012.

Xbox LIVE will be offering new incentives daily, including Arcade titles and other unspecified rewards -- which of the above prizes you win appears to be random.

The Xbox Refer-a-Friend program runs from 30 December 2010 to 30 June 2011, and is only open to legal residents of the fifty United States (including Washington, D.C.), who are eighteen years old or older and Xbox LIVE Gold members at the time of entry, so Euro, UK and Aussie gamers are out of luck this time around.