I believe Gollum was wearing The Ring, using it to catch a stray goblin off its guard for something other than fish to eat and The Ring slipped off his finger without him realizing it.
In Gollum's own words, "How did we lose it, my precious? Yes, that's it. When we came this way last, when we twisted that nassty young squeaker. That's it. Curse it! It slipped from us, after all these ages and ages! It's gone, gollum."
It is a magical ring, remember, with almost a mind of its own.
Gollum/Smeagol refers to the One Ring as "My Precious."
Bilbo asks Gollum "What's in my pocket" (the Ring) and Gollum cannot answer.
The ring that Bilbo found is known as the One Ring, and it was originally forged by the Dark Lord Sauron. Before Bilbo discovered it, the ring was lost by Sauron and later came into the possession of Gollum, who called it "my precious." Bilbo found the ring in Gollum's cave during his adventure in "The Hobbit," ultimately becoming its new owner.
Bilbo wins when Gollum can not guess what is in his (Bilbo's) pockets
Gollum misunderstood him. Bilbo was saying 'I need more time.' Gollum heard 'time', which was the answer.
Gollum/Smeagol refers to the One Ring as "My Precious."
Bilbo finds himself in a cave after escaping the goblins. The cave is home to a creature who calls himself gollum. Gollum is in a mood because he has lost his precious(the ring in bilbo's pocket). Gollum challenges Bilbo to a riddles contest, if Bilbo loses Gollum gets to stew him in a pot and eat him. If Bilbo wins he gets to leave the cave uneaten. After a few riddles each bilbo realises Gollum is much better than himself, so cheats by asking "what is in my pocket?" When he faails to find the answer bilbo uses the ring to vanish from sight and escape.
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.
Bilbo asks Gollum "What's in my pocket" (the Ring) and Gollum cannot answer.
Bilbo wins when Gollum can not guess what is in his (Bilbo's) pockets
Considering that he tries to kill and eat Bilbo in "The Hobbit" and hates Frodo and Sam merely because they are related to Bilbo, I'd say that Gollum doesn't like Bilbo.
Gollum misunderstood him. Bilbo was saying 'I need more time.' Gollum heard 'time', which was the answer.
Pity stayed Bilbo's hand.
Bilbo escaped from the cave in The Hobbit by using his wits and the magical ring he found earlier in the story. He put on the ring, rendering himself invisible, and slipped past Gollum, the creature guarding the exit. Bilbo then followed Gollum out of the cave and made his way back to the company of dwarves.
Gollum guesses that Bilbo has found his magic ring.
In chapter 5 of The Hobbit by J.R.R. Tolkien, Bilbo escapes from the greedy hands of Gollum. When Gollum realizes that chasing Bilbo is futile, he shouts this last line at Bilbo: "Thief, thief, thief! Baggins! We hates it, we hates it, we hates it for ever!," thus calling Bilbo both 'Thief' and 'Baggins.'
Bilbo Baggins and Gollum first appeared in the hobbit.