Do Your Homework
Talk with coaches beforehand to find out information about their players. Get names and jersey numbers so you can identify them easily later on. Also find out who the star players are on each side. These players will often make interesting photographs with lots of action. Familiarizing yourself with both the game and the specific players will give the photographer a good idea of who and what to follow with the camera.
Anticipate
Follow the ball with your eyes around the court. Action normally follows the ball. Anticipate where the ball will land during a pass or if the player will take a shot. Focus your camera to that location and shoot when it happens. Another thing to anticipate is the players' reactions. For example, if someone takes the winning shot or a really tough shot, forget following the ball. Focus on the player and snap a quick photo of his reaction.
Location
Finding a spot to photograph from is often the hardest part. Consider your equipment to determine how close you need to be to the court. Choose a spot that has a clear view of the action. In basketball, a lot of the action tends to happen near the basket, so setting up on the sideline close to one side of the basket is a good option. If you have enough space, this location gives you the freedom to run behind the basket to capture different angles as well.