From the Super Mario Wiki
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Bowser begins the move by dribbling the ball four times, creating a small burst of flame with each one. He then spins around and leaps into the air. The ball gets a large flame trail behind it, and when Bowser dunks it in, a very large column of fire appears. If executed outside the 3-point line, Bowser will hurl the ball with one hand toward the basket. As usual, a teammate needs to jump and dunk the ball in for the shot to be complete.