A retractable pet leash system allows a pet to vary its distance from the leash system, with the system paying out additional leash as needed, and when not needed, automatically retracting the leash back into the system. If at any time a user desires to halt further payout of leash, the user presses a button that causes the leash to be pressed against a frictional element that causes braking of leash payout at a gradually increasing rate while simultaneously, a lever lockably engages the spool preventing further rotation of the spool in the payout direction.