Few thoughts;
1) 1/500sec is an odd speed. Sometimes it give sharp results, but it can easily give soft ones. Whilst basketball is different to horses I would say that its a risky slowest shutter speed in terms of getting motion blur.
2) Has your camera got a "high ISO mode" if so unlock it. It will give you another stop of ISO - yes it WILL be noisy, but its there so that you can avoid the problem that Spiral points out just above.
3) If you're not too limited on focal length you might consider a fullframe camera body. Whilst something like a 5DMIII is expensive its ISO performance will beat that of a crop sensor camera. Further the 5DMIII at least has a very good AF system (equal to that of the 7D line). If that's out of your reach a 7DMII would certainly give you a step up.
Indoor sports is very gear demanding and one area where you can reach the limits and have to make do. Sometimes you can arrange to have flash units on site which can make a huge difference; but it very much depends on your position and the venue.