Green’s Dictionary of Slang

racket n.2

[SE racket, a noise, a disturbance; SAmE racket, a type of waltz]
(US)

1. [late 19C+] an organized social event, designed to make money for the sponsor.

2. [20C+] a large party.

3. [1900s–1960s] an organized dance, held in a dancehall and frequented by lower-class young people.

In compounds

In phrases

on the racket

[1910s] (Aus.) on a spree.