The application leverages an Object-Oriented Programming (OOP) design and utilizes JSON templates to streamline the definition of markets and event types. It comprises several key classes: a controller class named App for managing a looper, a CAPI class for handling API requests to Betfair, and three classes that form the object model of Betfair: CEvent, CMarket, and CRunner. Each Event object contains a list of Market objects, while each Market object contains a list of Runner objects.