First off you can use Traffic Manager, or VM Load Balancing, or you could actually use both! It all depends on what you are trying to do.
VM load balancing:
1.Works only with VMs that are in a single region
2. Only does Round Robin
3.Works at the TCP/UDP level, routing traffic between one or more private endpoints that sit behind a public endpoint
This is an excellent example for load balancing Virtual Machines.