Scrabble Dictionary

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Yes, arbiter is playable

...and is worth 10 points.

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"Arbiter" Definition

noun

One chosen or appointed to judge or decide a disputed issue; an arbitrator.
One who has the power to judge or ordain at will: an arbiter of fashion. See Synonyms at judge.
A person with power to decide a dispute .
A person or agency whose judgment or opinion is considered authoritative .