A racket is a business that is run illegally, usually in the back of a shop or basement of a club. A family's power depends on the success of its rackets.
A connection of rackets is known as a racket chain or in the second video game a crime ring. Rackets are a major part of both games, the player must take over rackets in order to eliminate rival families. In the second video game rackets become a hangout for associates who are hoping to get noticed by Dominic. In the second game you can send your men to protect the rackets you control.