Don't be fooled by this nonsense. Obama does not support online gambling. He only backed more study, which basically means somebody gets a nice deal to study the issue. The Democrats are not backing online gambling, they helped push the current law through, including the House speaker.
Even if Obama backs Frank's bill, as others more wise on this topic have posted, it doesn't help sports betting because all the major leagues can opt out.
Here's a legitimate article on Obama's positions.
ReviewJournal.com - News - PRESIDENTIAL POLITICS: Obama's gaming give, take