A live bait holder includes a flexible strip elongated from a first end to a second end. The flexible strip has a pair of edges extending from a first end to a second end and extending from a first surface to a second surface. The flexible strip is elastically bendable and elastically stretchable to be disposed in a wrapped position around a bait animal to define a loop. The flexible strip is perforable for perforation by a fishhook. An O-ring elastically stretches to receive the first end and the second end simultaneously when the flexible strip is in the wrapped position. The O-ring exerts an elastic force such that the flexible strip is retained in the wrapped position.