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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.
His hero for the trilogy was Frodo Baggins, the adopted son of Bilbo. Both hobbits become bearers of the Ring of Power that is central to Tolkien's fantasy world. Extra credit: In the Peter Jackson film versions of The Lord of the Rings, Bilbo appears as an old man and is played by actor Ian Holm. For Jackson's Hobbit films, Bilbo was played by Martin Freeman.