Yes, PROBATION is a Scrabble word!

Letter values in Scrabble US: P 3, R 1, O 1, B 3, A 1, T 1, I 1, O 1, N 1.

Is it a valid word?

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

a trial period during which your character and abilities are tested to see whether you are suitable for work or for membership
a trial period during which an offender has time to redeem himself or herself
(law) a way of dealing with offenders without imprisoning them; a defendant found guilty of a crime is released by the court without imprisonment subject to conditions imposed by the court