I think it does the exact opposite because bloating is caused by your body retaining water. Your body mainly does this when it needs the water most. I would think that drinking water more often would reduce bloating. But just like anything if you drink too much water at once it could definitely cause bloating.
water will unbloat you unless you have a high sodium intake if you really want to get rid of bloating try cutting out or at least cutting down on sodium (salty food) and remember sports drinks are packed full of sodium.