Yes, theirs is in the scrabble dictionary

...and is worth 8 points by itself.

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Theirs Definition

pronoun

Usage Problem His or hers: brought his own lunch and expected everybody else to bring theirs. See Usage Notes at he1, they.
from The American Heritage Dictionary of the English Language, 4th Edition

pronoun, singular or plural in construction

That which belongs to them .
from Free Scrabble Dictionary
His or hers .
from Free Scrabble Dictionary

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Top Words by points

Points

theirs

9

2 letter words with THEIRS

Points

er

2

si

2

sh

5

eh

5

re

2

it

2

is

2

te

2

ti

2

hi

5

es

2

he

5

et

2

3 letter words with THEIRS

Points

eth

6

est

3

ire

3

its

3

ers

3

rei

3

res

3

ret

3

sri

3

sit

3

sir

3

she

6

set

3

ser

3

sei

3

her

6

hes

6

het

6

hie

6

tes

3

the

6

tie

3

tis

3

his

6

hit

6

4 letter words with THEIRS

Points

shri

7

resh

7

tier

4

this

7

thir

7

sith

7

sire

4

site

4

ties

4

tire

4

stir

4

ires

4

hist

7

hits

7

hers

7

heir

7

eths

7

erst

4

hire

7

hies

7

hets

7

reis

4

rest

4

rets

4

rise

4

rite

4

hest

7

5 letter words with THEIRS

Points

their

8

resit

5

tiers

5

tires

5

tries

5

heirs

8

shirt

8

shire

8

shier

8

heist

8

hires

8

ither

8

rites

5

6 letter words with THEIRS

Points

theirs

9

Found 79 words in 0.16076 seconds