Actually it's not as simple as that. Here's the holding the ball rule in it's entirity. (1 1/3 pages long!!!!!) Then you'll see it's not as easy as that.
In response to the earlier post, most umpires have played he game. I know I have.
Bob
15.2.3 Holding the Football – Prior Opportunity/No Prior Opportunity
Where the field Umpire is satisfied that a Player in possession of the football:
(a) has had a prior opportunity to dispose of the football, the field Umpire shall award a Free Kick against that Player if the Player does not Kick or Handball the football immediately when he or she is Correctly Tackled; or
(b) has not had a prior opportunity to dispose of the football, the field Umpire shall award a Free Kick against that Player if, upon being Correctly Tackled, the Player does not Correctly Dispose or attempt to Correctly Dispose of the football after being given a reasonable opportunity to do so.
15.2.4 Application – Specific instances where play shall continue
For the avoidance of doubt, the field Umpire shall allow play to continue when:-
(a) a Player is bumped and the football falls from the Player’s hands;
(b) a Player’s arm is knocked which causes the Player to lose possession of the football;
(c) a Player’s arms are pinned to his or her side by an opponent which causes the Player to drop the football, unless the Player has had a prior opportunity to Correctly Dispose of the football, in which case Law 15.2.3(a) shall apply;
(d) a Player, whilst in the act of Kicking or Handballing, is swung off balance and does not make contact with the football by either foot or hand, unless the Player has had a prior opportunity to Correctly Dispose of the football, in which case Law 15.2.3(a) shall apply; or
(e) a Player is pulled or swung by one arm which causes the football to fall from the Player’s hands, unless the Player has had a prior opportunity to Correctly Dispose of the football, in which case Law 15.2.3(a) shall apply.
15.2.5 Diving on Top of the Football
Where a Player is in possession of the football by reason of diving on top of or dragging the football underneath his or her body, the field Umpire shall award a Free Kick against that Player if he or she does not immediately knock the football clear or Correctly Dispose of the football when Correctly Tackled.
15.2.6 Football held to the body of a Player
The field Umpire shall bounce the football when a Player, in the act of applying a Correct Tackle, holds the football to the body of the Player being Tackled or the football is otherwise pinned to the ground, unless the Player being Tackled has had a prior opportunity to Correctly Dispose of the football, in which case Law 15.2.3(a) shall apply.
then you have...
15.2 Free Kicks Relating to Possession of the Football
15.2.1 In Possession of the Football
A Player is in possession of the football if, in the opinion of the field Umpire:-
the Player is holding or otherwise has control of the football;
the Player is in the act of bouncing the football; or
the Player dives or lies on top of or drags the football underneath his or her body.
and....
15.3 Free Kicks Relating to Disposal of the Football
15.3.1 Correct Disposal
A Player Correctly disposes of the football if he or she Kicks or Handballs the football.
then, the spirit of the law that the umpires use...
Spirit of the Law: Tackling (Player in Possession of the Ball)
"The player who has possession of the ball and is held by an opponent shall be given a reasonable time to kick or handball the ball."
All illegal tackles are to penalised.
Legal tackle or bump causes dispossession – play on.
A player forfeits the benefits afforded by the spirit of the law if he:
Elects to dive on the ball, or when on the ground, elects to drag the ball in, and he is tackled legally.
Bounces the ball prior to being tackled.
Has had prior opportunity to dispose of the ball before being tackled. In such cases the player in possession is penalised if he fails to legally dispose of the ball by either kick or handball.
Not quite so easy, is it now.