assuming the circuits are similar to the 903-A ...
if the hold light comes on, then the draw relay is powering.
it's supposed to keep itself powered unless the payout counter steps up and opens a "close-at-zero" switch. While the open-at-zero switch is the most common problem, if your issue is on the reel mech then the draw relay switch is a better bet.
sounds like your draw relay hold circuit isn't working. Below is the 903-A circuit. Draw relay switch of interest is the middle one.
doesn't look like you have a reel mech A-1 SPDT switch, so you'll need to work out the differences on your game.
if you have a schem, look at how the draw relay is held powered.