During his playing career, Rakočević was a two-time All-EuroLeague Team member, and a three-time Alphonso Ford EuroLeague Top Scorer Trophy winner.

In October 2003, Rakočević returned to Europe, and signed with Crvena zvezda,[3] where he was the top scorer of the Adriatic League.

He continued his career in Spain, where he played with Pamesa Valencia, Real Madrid and Tau Cerámica.

In June 2009, he signed a three-year contract with the Turkish Super League club Efes Pilsen.

[11] On 9 August 2012, he signed a two-year contract with Crvena zvezda, which began his third stint with that team.

[14][15] Rakočević made his debut with the senior FR Yugoslavian national team at the 2000 Summer Olympic Games.

[20] Since retiring from professional basketball, Rakočević has taken up Brazilian Jiu-Jitsu and in December 2021 was promoted to black belt in the art after a little over nine years of training.