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[This question refers to the major revisions made to the Gollum chapter, Riddles in the Dark, not to the multitude of minor changes made elsewhere.] In the original 1937 edition of The Hobbit Gollum was genuinely willing to bet his ring on the riddle game, the deal being that Bilbo would receive a present if he won. Gollum in fact was dismayed when he couldn't keep his promise because the ring was missing.
Frodo Baggins was a hobbit of the Third Age, the most famous of all Hobbits in the histories for his leading role in the Quest of the Ring. During this epic quest, he bore the One Ring to Mount Doom and there destroyed it, giving him renown like no other Halfling throughout Middle-earth.