As far as I know, and I can be wrong:
Red: used for test with white clothes. Used for the longest time. Usually softer than white ones, as a result, helps spinners better. Soaks more water, so more dangerous as pace on moist days.
White: harder balls, played with color clothing. Can be used for day-night matches for being white. Harder than red ones. preferred by batsmen than bowlers.
Pink: for girls? (no clue).
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