Virginia continued its push to approve the state’s sports betting regulations Wednesday in a meeting that saw advocates formally present guidelines. While the Virginia State Lottery will ultimately oversee the industry, the proposed structure more closely resembles those seen in states where gaming commissions call the shots.

According to the Sports Betting Legislation Tracker at Odds.com, Virginia and the 15% tax that the state looks to impose on the industry could see the state bring in $43 million in taxes should it hit its estimated $328 million in annual revenue.

Virginia Lottery Executive Director Kevin Hall calmed many of the country’s sportsbook operators when he announced that the sate would not follow neighboring Tennessee in imposing rules that require all prospective operators to maintain a 10% hold on all revenue generated via sports betting.

Hall, who referred to the practice as “controversial,” and after stating that his proposal most closely resembled that of Tennessee, he did double down on his stance against the questionable hold requirements by saying “It’s safe to say that we won’t.”

Sportsbook operators had long feared that this 10% hold would greatly limit their abilities to offer lines that compete with those found on offshore markets. Once the practice of regulated sports betting to the region, the imposed hold could see participants look to black-market offerings that offer prices that their regulated counterparts simply cannot match.

If this hands-off approach is upheld, the decision would see Virginia join West Virginia as the only state lottery run marketplaces where commercial operators are allowed to compete more freely in an open market.

Other state lottery overseen regions have decided to offer operational licensing to a single, or a limited number of operators. Washington D.C. opted to forgo the proposal process altogether and granted all rights to Intralot, a group that already had deep ties to the city’s lottery.

Similarly, New Hampshire legislators had granted permission for 10 brick and mortar sports betting outfits and five online offerings, yet the state lottery handed all rights over to DraftKings after the group offered 51% of all profits to the state.

While numerous regulatory propositions were set forth, most had to do with the operators themselves. Yet a few guidelines were set forth in terms of which markets could be offered to the betting public in order to preserve the integrity of the games taking place.

Proposed regulations do allow operators to offer wagering on collegiate sports, but it does exclude competitions involving in-state teams. Customers can, however, bet on collegiate events that take place in the state, as long as they do not involve a local team. This measure is meant to impact the local market should the state host an NCAA Tournament.

Another measure meant to deter match-fixing involves the exclusion of collegiate prop betting markets.

Betting on Olympic events is also prohibited.