Yes, WHITEBAIT is a Scrabble word!

Letter values in Scrabble US: W 4, H 4, I 1, T 1, E 1, B 3, A 1, I 1, T 1.

Is it a valid word?

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

minnows or other small fresh- or saltwater fish (especially herring); usually cooked whole
the edible young of especially herrings and sprats and smelts