I don't think they were used in an illegal operation. More than likely home game chips. Only 75 of each chip made.

Looking at the order card it appears that Basile, the person who originally ordered the chips in June 1948, never picked them up. Then in March 1949 the 75 dark blue chips from the order where sold to someone whose name I can't decipher.
Then in Feb.1952, 50 yellow and 25 red from the original order were sold to A. Rand.

Alexander Rand died at Chicago in 1998, age 84. 4706 Sacramento was his residential address at the time. He appears to have been a tailor by profession--couldn't find any gambling connections.