Abstract: Ice fishing apparatus of the tip-up type wherein a fish line reel is supported below the water surface upon a column suspended from a cross bar resting upon the ice surface. The fishing reel is maintained in a ready position by an elastic band supported at one end relative to the column, and attached to a detent mounted on the reel. A fish on the line tends to unwind the reel tensioning the elastic band, and upon a pre-determined tension in the band being achieved the detent is released permitting the reel to deploy the line. The elastic band serves to set the hook. Preferably, the elastic band is anchored to a trigger attached to the column and operatively associated with a resiliently supported flag to indicate reel release. However, the flag indicator may be removed from the apparatus without affecting its fishing function.