Time outs are v. strategic and are normally called when:
Your team can’t get their sh!t together and the coach needs to settle everyone down (e.g., your opponent scores five ‘unanswered’ buckets without your team getting a single one).
There’s a major opportunity to tie the game or pull ahead. The coach will normally call a time out so that they can draw up a play that will lead to a basket.
When the coach wants to slow the game down and give your squad a little break. Don’t forget to hydrate!