An induction type magnetic brake for braking a line spool of a fishing reel having a frame, in which the line spool is supported rotatably about an axis of rotation, and two side plates which are mounted on the frame, the line spool having an end wall fixedly connected thereto and extending perpendicular to the axis of rotation, has a plurality of permanent magnets for inductive cooperation with the end wall of the line spool and a magnet support carrying the magnets and located between one of the side plates and the end wall of the line spool. The magnet support carries the magnets in a first plane perpendicular to the axis of rotation. A shielding plate is arranged in a second plane perpendicular to the axis of rotation and located between the first plane and the end wall of the line spool. The magnet support and the shielding plate are movable perpendicular to the axis of rotation and relative to each other to different relative positions, in which the shielding plate covers the magnets to different degrees.