The ballast is in the tank, under the floor
As Ken pointed out, water has a weight and that weight and its position in the boat are what provide the righting moment that we need to keep sailing boats upright.The water ballast article tried to point out that besides the weight, the location of the ballast matters, too. A deep lead keel has the weight some distance below the hull, which provides a longer moment arm to make the ballast more effective. 100 lbs of lead located 4 feet below the hull will be more effective at righting a boat than the same 100 lbs located only 2 feet below the hull, and both would be more effective than 100 lbs of lead in the hull. 100 lbs of water (about 12 gallons) will be just as effective as 100lbs of lead (which probably takes about the space of 2 gallon milk jugs) given the same distance below or in the hull. 100lbs of water takes up more room, so if you put 100 lbs of lead in the hull, it would take up less room.Other differences are that:+ because the ballast tank is in the hull, it takes up space that could otherwise be used for a lower floor and better head room (compared to a lead keel attached to the bottom of the boat).+ A fin keel has its mass more centered (fore and aft) than a water ballast boat which usually has the ballast distributed substancially front to back. This makes the turning moment longer (turns/tacks more slowly) for a water ballast, or even a full keeled boat, compared to a fin keeled boat. You get the same effect if you spin yourself in a chair. Hold your arms out, you spin slower than if you pull your arms in. Same effect for an ice skater that spins faster as they pull their arms in.A 24 to 26 foot WB sailboat is much easier and economical to trailer around compared to a fixed ballast boat of the same size. The ballast is borrowed for free and gets left behind. Lead/Steel/concreet ballast cost money and must be hauled around with the boat.Fair winds,Tom