Just over a week ago, the long-anticipated MiniTycoon: Casino game hit the iTunes store, and it has already climbed to #1. 6r401

This free game from Social Gaming Network (SGN) works on Apple’s iPhone, iPod Touch and iPad devices, and brings realistic casino games to mobile s through a unique social interface. 84q4g

Much like Zynga’s popular Farmville, the world of MiniTycoon Casino revolves around virtual currency. This currency, called Tycoins, can be purchased from the iTunes store (170 Tycoins costs $2.99). Tycoins are needed to create and maintain a virtual casino, and can be spent on slot machines, poker tables, and blackjack card games. Tycoins are also required to hire other s to act as dealers.

Tycoins can also be gambled. Players can win more Tycoins by gambling at other people’s casinos, and can earn Tycoins when other s lose them at their casino. The only catch is that Tycoins always remain virtual – they can never be exchanged for real money. This means that players spend and spend, but get nothing in return. SGN estimates the MiniTycoon: Casino will bring them $1 million in revenues per month.

Real money gambling apps do exist for the iPhone, but they cannot be ed from the iTunes store because of Apple’s anti-gambling policy. Instead, players must visit mobile casinos much more profitable for gamblers than the just-for-fun MiniTycoon: Casino.