Belauste was active as a midfielder for Athletic Club Bilbao since 1906, and remained there until 1924, and is considered the first great captain of the club. During this time he won six Copas del Rey (1910-11, 1914-16, 1921). However, he earned only three caps, all of them at the Antwerpen Olympics in 1920. At Paris in 1924 he was a substitute but did not play. He came from a wealthy family, studied law in Salamanca and worked as a lawyer. As a Basque nationalist he later emigrated to France and then to Mexico, where he worked as a football coach but also as a journalist for the periodical Euzko Deya. He was one of the leaders of the large Basque community in Mexico City, where he eventually died of lung cancer. Two of his brothers, Francisco (Pacho) and Ramon, joined him in playing football for Bilbao as well as in his political activities for the Basque Country.