I believe that the bumps you are talking about are also known as pimples. Basically, they are there to provide more grip, especially when the ball gets wet (e.g. with sweat). It works like a car's tyre, just that the rest of the surface is the grooves. Basketballs without the pimples or with them worn out are normally harder to play with, especiallly in fast movements that require alot of friction
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A couple things may be causing a bump on your Basketball. First, if it was allowed to deflate, the basketball loses shape and this can create a weak spot when its pumped back up. Also, there could be a weakness in the rubber bladder inside the basketball that's causing a lump, similar to the way a car tire can get a lump from age and stress and structural weakness in the rubber.