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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.
Tolkien's The Hobbit. Bilbo Baggins is the protagonist and titular character of J.R.R. Tolkien 's classic fantasy novel, The Hobbit (originally titled The Hobbit, or There and Back Again). In Tolkien's Middle Earth, Bilbo is a hobbit, a shy, conservative member of a race of small, hairy-footed burrowers who keep to themselves in The Shire. He is conned by the wizard Gandalf into going on an adventure, and in the course of his episodic quests he grows from reluctant bystander to confident hero.