bubbles from swimming pool light

Yes, gasket leaking most likely.

If you're up,to it and if it is a niche type light pool light with a round stainless steel collar typically one screw is removed which then allow the entire light fixture (trim, glass lens, bulb) to be pulled out of the and niche in the wall and then placed on the pool deck (wire will still be attached). You'll then see that a retaining ring on the back holding everything in a water tight configuration, via a flexible gasket. Simply loosen the screw retaining the ring, take the bulb, dry it out or replace it, then reverse the foregoing steps to reinstall.

I recommend buying a new gasket. When it's ready to be put back in, be sure that you, or the PB, submerge it in a 5 gallon bucket and check for bubbles (leaks). The longer you leave it in the bucket checking for leaks the less likely you'll end up with my situation. I only did the bucket leak test for about 5 minutes. Reinstalled it thinking it was water tight. Wrong...Slow leak developed over several weeks and finally ruined the LED color bulb.
 
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