Wiktionary
n. (context Australian rules football English) The action of a player keeping hold of the ball when tackled. When tackled the player must kick or handpass the ball and failing to do so (provided he has had the opportunity) results in a free kick to the tackler.
Wikipedia
Holding the ball is a law in Australian Rules Football. It is necessary to prevent players from slowing down play. Instead of the umpire calling for a ball-up (which gives either team an opportunity to win possession), it allows the defence a way to take possession directly from the attacking team.
Usage examples of "holding the ball".
With Tull holding the ball of fungus high, the three of them started off down the tunnel.
I hopped back over the fence holding the ball Up to show everyone I had it.
The Chinese man stood in front of the bag, holding the ball in his left hand and leaning left, as if to make sure Fiore wouldn’.
He went back to his chair, sat down, and leaned forward, holding the ball in his palms and staring into it, almost vacantly.
It was a second before she registered that the field had changed over and Guy was bowling, holding the ball in that strong right hand that had given her so much pleasure, pounding up to the crease on those strong muscular legs that had once been nightly wrapped round her.
Still holding the ball firmly in his right hand he soared up into the air whimpering with surprise.
Zdenek rode out a short distance holding the ball and then turned, took aim, and let it swing back toward the gate in a pendulum arc.
Damned if I am going to be left holding the ball if they shorten you, Whitehall.