He went about to the magnificent feasts of the merchants and nobles, and made all merry with his playing." Once, for three days in succession, he was bidden to no worshipful feast, and in his sorrow he went and played all day long, upon the shore of Lake Ilmen.

On the third day, the Water King appears to him, and thanks him for entertaining his guests in the depths.

He directs Sadko to return to Novgorod, and on the morrow, when he shall be bidden to a feast, and the banqueters begin the characteristic brags of their possessions, Sadko must wager his "turbulent head" against the merchants' shop in the bazaar, with all the precious wares therein, that Lake Ilmen contains fishes with fins of gold.

Sadko wins the bet; for the Tzar Vodyanoy sends up the fish to be caught in the silken net.

Thus did Sadko become a rich guest (merchant of the first class) of Novgorod, built himself a palace of white stone, wondrously adorned, and became exceeding rich.