That is just silicone Tommy Tape. It leaves no sticky residue on the handle when it is removed. It is several times thicker than electrical tape, so it looks a tad bulky after about three wraps.

If you position your reel as it is in the photos, you get a nice balance point right in front of the reel shank.

There were also some Rock and Reels made for portable tubs too, They fold against the tub when not in use or traveling, then flip out 90 degrees for fishing.