This invention comprehends a spinning style fishing reel having a housing with a drag assembly that is actuated by a clutchwheel mounted on a shaft for rotating a gear carried by the shaft. The gear meshes with and rotates a second gear which has an axially facing cam surface engaging with a matching cam surface carried by a member that does not rotate relative to the housing. Turning the thumbwheel rotates the cam surfaces relative to each other to increase or decrease the drag force applied uniformly on the spool.