try subtracting a gravity constant from your yvelocity every loop.
Is this like you want?
autocam off
make object sphere 1,1
position object 1,25,0.5,15
make matrix 1,50,50,10,10
position camera 25,5,0
velocity#=0
gravity#=0.05
y#=0.75
sync on
sync rate 60
do
if spacekey()=1 and velocity#=0
velocity#=.75
endif
if velocity#<>0
velocity#=velocity#-gravity#
y#=y#+velocity#
else
center text screen width()/2,50,"Press SPACE to bounce ball"
endif
if y#<0.5
y#=0.5
velocity#=velocity#*-0.85
if velocity#<=0.05 and velocity#>=-0.05 then velocity#=0
endif
position object 1,25,y#,15
sync
loop