Racino means: An American portmanteau term for a combined racetrack and casino facility - a venue where live horse or greyhound racing is combined with slot machines, table games, or other casino gambling.. There is no real cause for parental concern; it is descriptive vocabulary rather than risky behaviour. If your teen uses it, context will usually make the intent clear. A short, curious question about where they heard it is usually all that is needed to know whether to follow up.