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On north east party boats we typically use balloons in shark rigs like gman talked about, and most often than not as sword rigs. Rig up a live or dead squid payout about 100-250 ft of line and tie a balloon with a rubber band. This is to get the bait away from the boat and to have it at a certain depth.
Kite fishing is not only to keep the bait on top and thrashing but also to keep the leader out of the water. This way you can use that heavy leader with line shy fish. Balloon fishing would not allow you to do that. two different reasons to fish two different ways
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