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Step 1
First, who is playing? Is this for a child? Typically you want a lighter ball with a smaller size just because kids can get injured easily when playing with the larger heavy official men's size. You want to buy a ball that is 27.75" and 12oz for a kid that's maybe 9-14. Anything younger should use a Nerf ball or something similarly soft.
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Step 2
For a woman, the women's-size ball is the called size 5 and it's 27.75" and weighs 18 oz and recommended for teenage girls. Women get hurt playing with the larger sized basketball as well. For the more serious female athletes, the official women's professional size is 28" and 20oz and the Size 6.
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Step 3
The men's size is the size 7 ball. The official men's basketball is 29.5" and 22oz. Teens usually start using this ball in high school and this is the standard size ball people play with.
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Step 4
Now that you have the size, it's a good idea to figure out where you're playing. This way, you can buy the correct texture type of ball.
If you play outside in the park, you can get a rubber ball - these bounce the best, yet tend to bounce too much around the rim or on a stiff backboard. It's ok, but not the best. It's just more durable to last long and take a beating.
The best versatility to look for is a good brand composite ball - these are good for indoor / outdoor play. These perfect for outside but you want to stay away from rough surfaces and generally take care of the ball.
If you play inside on a hardwood floor at a gym, you should try the leather official ball. It's more expensive, but it's better suited for the indoors without the rubbery grip on the floor.
