Professional gaming league Major League Gaming (MLG) has picked up $7.5 million in funding from Oak Investment Partners. The company is calling it a follow-on to the $25 million second round it raised back in late 2006. All told, MLG (SEO: 066570) has raised $42.5 million, the majority of which came from Oak, but also from first round backer Ritchie Capital.

And the company has spent it well, acquiring online console tournament site GameBattles.com in 2006, and buying out GotFrag, a competitive gaming news site and social net, a year later. MLG has also outlasted its U.S. competitors in the space, including the DirecTV (NYSE: DTV) backed Championship Gaming Series (CGS), which folded last year, though there are a number of international leagues (like Korean-backed World Cyber Games) that host televised game tournaments.

• Major League Gaming Gets $25 Million Funding
• Major League Gaming Buys GameBattles.com