c.1500, "a levy," from raise (v.). Meaning "increase in amount or value" is from 1728, specific sense in poker is from 1821. Meaning "increase in salary or wages" is from 1898, chiefly American English (British preferring rise).
c.1200, from Old Norse reisa "to raise," from Proto-Germanic *raizjan (cf. Gothic ur-raisjan, Old English ræran "to rear," see rear (v.)), causative of root *ris- "to rise" (see rise). At first sharing many senses with native rear (v.). Used in most of the varied modern senses since Middle English; some later evolutions include "to bring up" (a child), 1744; "to elevate" (the consciousness), 1970. Related: Raised; raising.