racket (n.1) Look up racket at Dictionary.com
"loud noise," 1560s, perhaps imitative. Klein compares Gaelic racaid "noise." Meaning "dishonest activity" (1785) is perhaps from racquet, via notion of "game," reinforced by rack-rent "extortionate rent" (1590s), from rack (n.1). But it might as well be an extended sense of "loud noise" by way of "noise or disturbance made to distract a pick-pocket's victim."
racket (n.2) Look up racket at Dictionary.com
"handled paddle or netted bat used in tennis, etc.;" see racquet.