Yes, HANDOUT is a Scrabble word!

Letter values in Scrabble US: H 4, A 1, N 1, D 2, O 1, U 1, T 1.

Is it a valid word?

HANDOUT is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

an announcement distributed to members of the press in order to supplement or replace an oral presentation
giving money or food or clothing to a needy person

Also: press release.