[bena]

In the original version of The Hobbit, the ring is just a magic ring and Gollum willingly bets the ring on the riddle game. When Gollum can't find the ring, he instead offers to lead Bilbo out of the cave.

In later versions, the bet was if Gollum wins he eats Bilbo, if Bilbo wins Gollum shows him the way out.

It is then presented that Bilbo told everyone the first story although the second was the truth. Which is why the first version appears in The Hobbit as the conceit is that it is an account written by Bilbo or at least sourced from his writings.