Is “Lowball” a Scrabble word?

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Yes
LOWBALL
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Valid

Meaning of Lowball

noun
  1. 1.The position of the ball on an American railroad ball signal that indicated Stop.

  2. 2.A form of poker in which the lowest-ranking poker hand wins the pot. Usually the ace is the lowest-ranking card, straights and flushes do not count making the best possible hand being A, 2, 3, 4, 5 regardless of suits (in contrast to deuce-to-seven lowball.)

  3. 3.A form of cribbage in which the first to score 121 (or 61) is the loser.

verb
  1. 1.To give an intentionally low estimate of anything, not necessarily with deceptive intent.

  2. 2.To give (a customer) a deceptively low price or cost estimate that one has no intention of honoring or to prepare a cost estimate deliberately and misleadingly low.

  3. 3.To make an offer well below an item's true value, often to take advantage of the seller's desperation or desire to sell the item quickly.