racket (n.1)
"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).
racket (n.2)
"handled paddle or netted bat used in tennis, etc.;" see racquet.