Since I'm not an English speaker, there are still some synonyms or similar words where I don't exactly understand the subtle differences. So could somebody tell me if "racketeering" and "extortion" mean the same thing or not? I mean, I sometimes saw the term "rackets" being applied to very different activities, even things like selling illegal lottery tickets, but at the same time I am not sure if petty crooks are ever called "racketeers" in the full sense of the word.
So is racketeer the same thing as extortionist if both words are used in a context of organized crime?

Willie Marfeo to Henry Tameleo:

1) "You people want a loaf of bread and you throw the crumbs back. Well, fuck you. I ain't closing down."

2) "Get out of here, old man. Go tell Raymond to go shit in his hat. We're not giving you anything."