A question regarding The Ring in the story book, "The Hobbit"?

How come when Bilbo puts on The Ring in the Hobbit there are not real consequences to it. I was just thinking about this because in the fellowship whenever Frodo puts the ring on, obviously, some **** goes down. but in The Hobbit nothing bad happens when Bilbo putson The Ring. But its the same ring so i dont know if i just missed something or what. this might be a dumb question but i NEED TO KNOW GAH