By default they expire a set number of days after they are won — you choose how many on the Settings screen, or set it to 0 for coupons that never expire. The days are counted on your store's clock: a 7-day coupon won on 11 September is valid until the end of 18 September, and that is the date the winner is told. Each coupon can also be locked to the winner's email so only they can use it.
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