Add heavy whipping cream, food coloring, and bubblegum flavoring to a medium-size bowl. Beat on high speed until stiff peaks form. (Or work those muscles by whipping by hand with a whisk).
Add sweetened condensed milk and beat for 1-2 additional minutes, until incorporated.
Layer ½ of the ice cream mixture into freezer-safe dish. Place ½ of the gumballs around then add the other ½ of the ice cream mixture. Finish with gumballs on top.
Cover with plastic wrap and freeze overnight, or for at least 5 hours.
Notes
For best results, chill your bowl and whisk (or whisk attachment) by popping them in the freezer for 20-30 minutes before whipping cream.A little bit goes a long way with bubble gum flavoring, so I recommend starting with a small amount, give it a taste, then slowly mix in more as desired.