a dishonest or illegal way of obtaining money:
• He had used his position to set up a cocaine racket.
racket in
• a racket in stolen goods
exˈtortion ˌracket
a situation in which criminals get money from someone by threatening them:
• He was the victim of an extortion racket.
proˈtection ˌracket
a situation in which criminals demand money from someone by threatening to damage their business or property if they do not pay:
• The gang was running a protection racket in East London.
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racket UK US /ˈrækɪt/ noun [C]
► an illegal or dishonest way of making money: »
He is alleged to have taken part in a racket involving bogus brokers who fleeced hundreds of investors in the US.
»a drugs racket
Financial and business terms. 2012.