LOL, FYI, and OMG have been officially added into the Oxford English Dictionary. They call these intitialisms.
“Initialisms are quicker to type than the full forms, and (in the case of text messages, or Twitter, for example) they help to say more in media where there is a limit to a number of characters one may use in a single message,” Graeme Diamond, a principal editor of OED, explained.
This is ridiculous to say the least. I wonder what Webster would think about this decision.
I guess this is good for Scrabble purposes.