Basket vs. pallacanestro

The Italian language has two words for the sport of basketball: 'basket' and 'pallacanestro'. While both refer to the same sport, they differ in origin, usage, and connotations.

Basket

'Basket' is a loanword from English, adopted directly into Italian. It is more commonly used in everyday speech and informal contexts.
Stasera guardiamo la partita di basket in TV.
(Tonight we're watching the basketball game on TV.)
I ragazzi giocano a basket nel parco.
(The boys are playing basketball in the park.)

Pallacanestro

'Pallacanestro' is the native Italian word for basketball, literally meaning 'ball in basket'. It is more formal and often used in official contexts or sports journalism.
La Federazione Italiana Pallacanestro ha annunciato nuove regole.
(The Italian Basketball Federation has announced new rules.)
Il campionato di pallacanestro inizia il mese prossimo.
(The basketball championship starts next month.)

Summary

While 'basket' is more casual and widely used in everyday situations, 'pallacanestro' is the official Italian term, preferred in formal contexts. Both words are understood by Italian speakers, but their usage depends on the situation and level of formality required.