Correct spelling, explanation: the origins of the English version of the word balloon are not clear but there are some interesting theories. For sure the word comes from the Italian pallone from Proto-Germanic *bhel – to swell) and the suffix -one, indicating great size. More directly it could have also been borrowed from French ballon. Another thing about balloon spelling is -oon, which is a suffix added to emphasize words borrowed from French. Taking into consideration double l in the French version balloon is the correct form and baloon is incorrect.

Definition of balloon:
noun, an inflated toy; a mean of transport or tourist attraction– filled with hot air which carries people in a large basket
Tommy cried at the fair because he wanted a helium balloon.
I’ve always wanted to go on a trip in a hot-air balloon.

Collocations with balloon:
– helium balloon
The helium balloon bouquet was a thoughtful gift for the newlyweds.
– water balloon
It was a hot day, and the water balloon toss provided a refreshing relief.
– hot-air balloon
The hot-air balloon festival was a beautiful display of vibrant colors and soaring heights.
– go up in a balloon
It was a special moment to go up in a balloon and watch the sunrise together.
– blow up / inflate a balloon
It was important to blow up a balloon properly, otherwise, it wouldn’t float.
– burst / pop a balloon
The excitement in the room was palpable as they took turns trying to burst a balloon.

Incorrect spelling, explanation: baloon is incorrect, because both in the original pallone (Italian) and more direct ballon (French), we can see that double l is the correct spelling and it shows in English as well. What is interesting is the fact, that the meaning of a bag filled with air/helium was introduced in the 18th century while the word balloon exists since the 16th century as a game with an inflated ball. No matter the meaning the word is spelled with a double l, therefore balloon is the correct form.

Incorrect spelling

Incorrect spelling