Born in Montevideo, Balboa came from the youth divisions of Club Sportivo Cerrito, made his professional debut in the 0–1 loss against Villa Teresa on 24 November 2012.
[2] Balboa after a wonderful season with Cerrito playing 20 games and scoring 6 goals, he brought the attention of various European clubs being interested on him.
The young attacker went to Greece, to be tested by Panathinaikos and after a week he signed a one-year loan with the club.
[3] On 5 December, Balboa made his debut for Panathinaikos coming on as a sub in the 3–0 win against Iraklis Psachna.
He played in two other Uruguayan teams, Liverpool and Villa Teresa before moving to Argentina to join Sarmiento.