The Apple App Store is likely to reach the 10 billion download milestone on Saturday at 1300 UK time (or Noon GMT) according to our calculations.
Apps are currently downloaded at the rate of around 238 per second and the counter, which can be found here (opens in new tab), appears to be updated dynamically quite often.
To mark this milestone, Apple is offering a $10,000 iTunes gift card to the person who downloads the ten billionth app; Apple app store users will be able to download up to 25 entries per day and will need to be legal residents of a participating countries.
There are claims that Apple paid up to $2 billion to application developers since the App store was launched in July 2008. There are more than 300,000 apps in the App store and the seven billionth app was downloaded on the 20th of October 2010.
As always the first billion downloads were the longest to come by with Apple having to wait for almost nine months. It took less than 18 months for the 10 billion download milestone to be reached.
We are not accounting for any fluctuation that might arise in our calculations (ed : we are not taking any bets in the office as well).