It's leaking around the seal of the rim and tire. You can go and have the tire taken off and try to buff the rim around the seal so that it will seat cleaner. What I did was take it to an ATV shop and have them put a tube in mine. It took about 4 years till it leaked again from saltwater corroding the valve stem on the tube. I just had them put another tube in the tire this year. My other tire never has leaked.
YMMV.
Mike Hill
H20 #907