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Definition of “protection racket” - English Dictionary

"protection racket" in British English

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protection racketnoun [C]

a ​criminalsystem of taking ​money from ​people in ​exchange for ​agreeing not to ​hurt them or ​damagetheirproperty: The ​gangranillegalcasinos, ​brothels, and ​protectionrackets.
(Definition of protection racket from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)

"protection racket" in Business English

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protection racketnoun [C]

uk   us  
a ​situation in which a ​criminalgroupdemandsmoney from a ​storeowner, ​company, etc. in ​exchange for ​agreeing not to ​harm them: run a protection racket These thugs ​ran a vast ​protectionracket with which all property-owners had to ​co-operate if they hoped to ​survive.
(Definition of protection racket from the Cambridge Business English Dictionary © Cambridge University Press)
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