Golf balls containing a core having at least one layer and cover having at least one layer are provided. A thermoplastic ionomeric composition is used to form at least one layer of the ball. The composition is prepared by providing a masterbatch comprising cycloalkene (polyalkenamer) rubber and neutralizing agent and mixing the masterbatch with ethylene acid copolymer. The acid groups are neutralized to 30 weight percent or greater, preferably 50% or greater, and more preferably 70% or greater. The resulting ball has high resiliency and rebounding properties along with a soft feel.