I'm not sure you will see legal online gambling anytime soon. I can see a lot of bad PR coming from saving the American economy with gambling.
What I do see as plausible is the dropping of the enforcement part of the UIGEA as being a "non-priority" thus making the law unenforceable.
Obama mentioned looking at all the "midnight" bills and seeing which made sense and which were fluff. I can see it being reversed that way also.
Then, letting the industry grow again then legalizing it once the growth is back and levying taxes on a viable growing resource.
Like a
"If you build it..We will tax it" motto.
I wouldn't get your hopes up for Obama announcing that legalizing online gambling is a major part of his economic stimulus program