Balotelli was the matchwinner in the game, scoring a penalty just before half-time, but was sent off for a rash challenge on Cedric Yambere.
The decision appeared harsh and his initial two-game ban was reduced to one, with the other suspended, much to Rivere's delight.
"I'm happy with this punishment," he said. "We saw the pictures again and you can see the foul is minor, that Mario has no intention of tripping someone up but wants to get the ball to Alassane [Plea].
"The disciplinary commission is always willing to listen and they let us express ourselves. They listened to the player and took their decision with the impartiality that characterises them."
Balotelli will miss Nice's league meeting with Caen on November 19 but will be available to feature against Lyon the following week.