Placing a notably substantial bet on the still-emerging mobile advertising market, Google revealed on Monday its intentions to undertake a $750 million acquisition, in stock, of the mobile advertising start-up AdMob.

The AdMob purchase by Google, the online search advertising biggie, clearly highlights Google’s intentions of extending its Internet advertising dominance to the mobile advertising market, thereby keeping the company one step ahead of prospective competition.

The 2006-founded San Mateo, California-based AdMob has already earned immense repute among its emerging rivals in the mobile ad market. Selling mobile phones-specific ads across a wide array of Web sites, AdMob is essentially a pioneer in serving up ads that run inside software for the Apple iPhone as well as the devices running the Google Android mobile-device operating system.

Though AdMob places ads on mobile sites that go with advertisers’ norms, in some cases it also assists big marketers in designing the ads themselves. Among its customers are some famous names including Adidas, Volkswagen AG, and Land Rover.

In spite of the fact AdMob has refrained from disclosing its revenue figures, recent JP Morgan estimates have revealed that the yearly revenue of the company falls in the range of $45 million and $60 million.

About the acquisition of the 140-employees strong AdMob, Vic Gundotra, Google’s VP of engineering, said: “They have discovered what works and we can add that to our mobile display efforts.”