There is, although at first glance it can be difficult to tell. The most noticeable difference is that a centerpin reel usually has two handles while a fly reel has one. There are more important things, though. A centerpin reel is used for float fishing and does not usually have a clutch. A fly fishing reel has a larger arbor because it doesn’t need to carry as much line. Despite some visual similarities, it’s important to choose the right type because they aren’t really interchangeable.