Retailer says new policy "great news" for gamers and is a testament to Microsoft's understanding of importance of used game market.

Retailer GameStop, which makes a significant portion of its revenue from secondhand sales, has applauded Microsoft for reversing its controversial used game policy today.

"GameStop welcomes today's announcement from Microsoft about changes in functionality for its next-generation console, the Xbox One," the company said in a statement.

"This is great news for gamers and we applaud Microsoft for understanding consumers and the importance of the preowned market."

Under the terms of Microsoft's previous policy, Xbox One games could only be shared once, and only to someone a player has been friends with on Xbox Live for 30 days.

In addition, whether or not secondhand Xbox One games would be allowed at all was in the hands of individual publishers like Activision or Electronic Arts.

Microsoft did away with that policy today, saying gamers will be able to trade-in, lend, resell, gift, and rent disc-based games in the same way that they can today on Xbox 360.

"There will be no limitations to using and sharing games; it will work just as it does today on Xbox 360," Microsoft said today.

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