Government is considering reducing Betting Tax rates to stimulate betting transactions based in Bermuda.According to the Pre-Budget Report, released on Monday, the tax may be reduced from its current rate to bring it closer to that of other countries.The report reads in part: “The current betting tax rate of 18 percent is very high compared to other countries.“Government is considering a reduction of this tax as it may stimulate more betting transactions being based in Bermuda.”Cleon Scotland, co-owner of Game Time, said that the Betting Tax rate is actually set at 20 percent, but that any rate decrease would be positive.He said that in recent years the Island’s betting shops have been challenged to compete with online betting sites.“Anything that is going to keep money in Bermuda would be supported,” he said.“We know that people try to avoid the tax and are betting online. All of those funds are leaving the Island.”Mr Scotland said that Government should change how the tax is collected to increase revenue by taxing the betting shops rather than the betters.“Then they would have a bigger pie to tax,” he said. “If we have 100 people who are betting online and those people come place a bet at the shops, at the end of the year the Government can tax the company out of their net profits and all the money is staying on the Island.“Right now, we have to pay tax on our winnings so regardless of what happens week to week, we have to pay our winners and we have to pay our taxes.”