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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.
When the Green Lantern character was reinvented, beginning with the introduction of Hal Jordan, the magical ring concept was replaced with a scientifically based one. The new version of the ring is created by the Guardians of the Universe, who also create the Green Lantern Corps. The first appearance of a power ring was in All-American Comics Number Sixteen on July 14, 1940, the flagship title of comic book publisher All-American Publications, which featured the first appearance of Alan Scott.