Balloon Sandwich
To play this game, break all of the children into pairs. Line all the pairs up along a starting line. Give each pair of children a balloon, which they must hold between their backs. Once the race starts, no hands are allowed. An adult may need to help them get the balloon in place, but they should be able to hold it once it is positioned for them. Blow a whistle to signal the start of the race. The kids must head for the finish line without dropping their balloons. If anybody pops or drops their balloon, that pair must head back to the starting line and begin again. Whichever balloon sandwich crosses the finish line first is the winner.
Balloon Relay
The balloon relay is best played outside, but if the weather is bad it can be played indoors, as long as there is enough room for the kids to run. Divide the players into two teams, and have both teams form a single-file line behind a starting point. Place a basket filled with balloons---one for each child on the team---about 10 or 20 yards in front of each team. Blow a whistle to start the race. The first child from each team runs to his team's basket, grabs a balloon, pops it, then runs back to his team and tags the next player in line, who repeats the action. This continues until one group has popped all of the balloons in their basket, thus winning the game.
Catch the Balloon
"Catch the Balloon" is good in situations where the children don't know each other very well, like at the beginning of a school year, at day camp, or for a church group. Any number can play, though if you have too many players it is best to divide them into more than one group to play. Get all the children standing in a circle, then toss a balloon to one child. As you toss it, call out someone's name. That child must catch the balloon before it touches the ground. It is then her turn to toss it in the air and call out the name of another child. If you have more than one player with the same name, such as Mike, make a designation such as calling one Mike and one Michael, or designating them to be Mike 1 and Mike 2 for the game, or use their last initials, so one would be Mike N. and one would be Mike D.