A Massachusetts judge on Friday rejected a request by prediction-markets operator Kalshi to allow it to keep offering sports-events contracts in the state while it appeals an injunction that will lead to it being banned from operating there without a state gaming license in 30 days.

Suffolk County Superior Court Judge Christopher Barry-Smith in Boston declined to stay, his injunction, saying the financial consequences it will have on Kalshi’s business do not outweigh the state’s interest in regulating sports gaming operators.

Kalshi, in a statement, said it continues to believe federal law governs its exchange, which is licensed by the U.S. Commodity Futures Trading Commission. “We will stay the course and fight for that belief,” Kalshi said.