Balotelli completed his move to Anfield from AC Milan on Monday evening and was at the Etihad Stadium to watch Liverpool lose to his former side, Manchester City.
And the Italy striker – who spent two-and-a-half seasons with City before returning to Serie A - is happy to be back in the Premier League, calling English football "beautiful".
"I'm happy to be back because I left England, and it was a mistake," Balotelli told the Liverpool website. "I wanted to go to Italy but I realised it was a mistake.
"English football is generally better. English football is beautiful.
“I want to win another Champions League for sure, because the Champions League (with Inter in 2010) wasn't all mine, I was in a team. I want to take this team to the Champions League."
Balotelli was sent off at Anfield in November 2011 while playing for City and says he is pleased to have the chance to be a hero on Merseyside.
"I didn't expect (the positive reception) because I've always been playing against Liverpool," he said. "Whenever I played against Liverpool, the fans weren't nice with me but that's normal - it's football.
"Now that I play for Liverpool, I can see the expectation in people. They're very happy and that makes me very happy at the same time. To play here for Liverpool excites me, but if you're an opponent it's difficult."
"Liverpool are one of the best teams here in England. The football is very good here. It's a great team with young players, and that's why I came here."
Balotelli, who is expected to make his debut for the Reds against Tottenham at White Hart Lane on Sunday, also bid an emotional farewell to AC Milan via his Instagram account.
"I am about to begin a new chapter but first I have to thank Milan fans that have always shown incredible loyalty and great trust in me.
"I also want to thank all the staff members that have always supported me and have always shown extraordinary patience throughout my whole stay at Milan.
"The biggest thank you goes to my team-mates, who have put up with me on and off the pitch, as only my family are able to do.
"I will always appreciate your camaraderie, I have learned so much from all of you.
"I leave Milan with sadness, but know that I will still make you all proud going forward. Forza Milan! Thank you Milan!"
Balotelli scored 30 goals in 54 games for Milan after joining the Italian giants from City in January 2013.