Coinciding with the launch of the new 3G iPhone, Apple will at 5pm UK time today open the doors to its brand new on-demand iPhone Apps Store – with gaming leading the charge.

Apple claims that of the 500 applications expected to be available at launch, over a third will be games-related – and 90 per cent of the service’s offering will be priced at $9.99 or less.

Content providers get to keep 70 per cent of the revenue. Apple says its iPhone SDK has been downloaded 250,000 times since it was released in March.

Interestingly for developers, The New York Times reports that Apple does not see the Apps Store as a revenue making machine, but instead as a vehicle for driving iPhone sales.

For more on the development implications of the service, head over to ME sister-site Develop.