A. Bilbo would have killed Gollum with Sting (his sword)
B. Gollum would have strangled Bilbo till he died then Gandalf would have risked his life to try to find him and then get captured or killed, the dwarves would have been attacked by the Wargs and then they would get lost and the whole quest would have ended tragicly
Chat with our AI personalities
Bilbo said, talking to himself, "what have i got in my pocket?" (it was the Ring). Gollum thought it was a riddle and Bilbo decided to make it one. he gave Gollum three chances to guess and gollum lost after four. then gollum went "to get something" (it was the ring), and Bilbo thought he was abandoned and left with the ring on. Gollum thought Bilbo knew the way out and he wanted to follow him, realizing Bilbo had the ring. Bilbo saw Gollum racing towards the gate and followed him to safety.
don't trust the story in the hobbit, unless you have a first edition, Bilbo lies (how unhobbit like!) until gandalf gets the straight story several years later. The real story appears in LOTR.
Because Bilbo won it in his game of riddles with Gollum.
At the Unexpected Party, when gandalf introduced the 13 dwarves to Bilbo.
One example would be a video game.