The AC Milan striker was sent-off after scoring a late consolation goal in his team's 2-1 defeat to Napoli last weekend.
He has since been banned for three matches.
"Firstly, I am sorry for my teammates," Balotelli said in excerpts of an interview to be published in Friday's Gazzetta dello Sport.
"They train and work hard with me. What I did hasn't helped our cause. I also feel guilty for the fans, who care so much for the team."
However, the former Manchester City striker suggested there was a limit to just how far his apologies would stretch.
"I made a mistake when I was provoked... but I'm not going to apologise to everyone. It's not as if I killed someone," added Balotelli.
Photos: Katrina Kaif, Shamita Shetty at Mumbai airport
Photos: Varun Dhawan, Alia Bhatt promote 'Badri...' on 'Dil Hai Hindustani'
In pictures: 15 facts about kissing that will surprise you
Photos: Shahid Kapoor and Mira Rajput at cafe in Bandra
Photos: Deepika Padukone, Neha Dhupia and Soha Ali Khan at event