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.

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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.