The actual Ticket itself will be in your inventory and you have 180 days to redeem it.
Once it is redeemed, you will have 24 hours to play the game that you chose. The ticket will disappear once redeemed. The Featured Game you chose will last across parts of 2 days, so if you are able to, you can even play the Featured Game you chose for a max of 6 times within the 24 hour window.
The game plays are still limited to 3 per day so please be wary of this and do not choose a game that you already have maxed your plays out for the current day on.