The above code binds data from viewbag.sportsname to the third party controls provided by telerik for mvc I.e kendo control wherein the datavaluefield basically holds the id and datatextfield specifies the text that will be displayed by the kendo dropdown.
1)optionlabel specifies the default value that the kendo dropdown will display.
2)name specifies the name that you assign to the kendo dropdownlist this is similar to what we do with normal html controls