This reminds me of the same rendering technique described in Hustle Kings for the PS3. There was a write up done, however shader code was not included.
https://web.archive.org/web/20130913033312/http://www.voofoo...
https://web.archive.org/web/20130913033312/http://www.voofoo...
Also he is placing his balls in a 3D environment with nice shadows that really help to sell the illusion.
That's a good find and an interesting read. Thank you.