Abstract: A free floating fishing apparatus includes a float and a spool that is positioned on the float for holding a supply of line to be dispensed. A line holding beam is mounted on the float and has a line guide that enables fishing line to be spooled from the spool through the line guide and then underwater for fishing. Rigging such as a hook, sinker or the like can be attached to the free end portion of a line. The spool is comprised of two sections, a non-rotating section which is received over the float and a rotating section received over the non-rotating section. A finite length of line is wound on the rotating section and a selected amount is payed out prior to fishing. The free end of the payed out line is attached to a hook and perhaps a float and the float and hook are dropped into the water. Depending upon the amount of line wound and whether the spool sections are locked during fishing, a finite amount of line may pay our after the fish has struck the hook.