The LA mafia was involved in the same rackets as the other families back east. Gambling and loan sharking were their bred and butter. They also owned legitimate businesses, ran scams (e.g. they ran a scam with the Mexican Mafia to steal money from rehab clinics), some low to mid level drug dealing, prostitution/pornography, and extortion.

Their extortion scams usually involved the families back east. If I had to say the two rackets they were most known for it would be gambling, and pornography. Due to their location to the San Fernando Valley (the Mecca of porn)they had interests in production and distribution of legal, illegal and semi-legal pornography.