The 24-year-old has struggled to make an impact at Anfield since his £16 million move.
The Liverpool forward was given the sanction for posting an offensive social media message.
Balotelli deleted an Instagram post which appeared to contain potentially racist and anti-Semitic references.
Mario Balotelli will be investigated by the Football Association, according to British media reports.
The Italy striker came off the bench to equalise with four minutes remaining at Anfield on Tuesday night.
In other results, Chelsea thumped the Shrews and WBA were knocked out by Bournemouth.