I have done bounties before (On another SE site though) but have never waited up until my bounty has expired and I now have 24 hours I assume to award a bounty. What happens if I don't award a bounty. Does it all just go to the highest voted answer?
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That's explained as follows in our help center:
If you do not award your bounty within 7 days (plus the grace period), the highest voted answer created after the bounty started with a minimum score of 2 will be awarded half the bounty amount. If two or more eligible answers have the same score (i.e., their scores are tied), the oldest answer is awarded the bounty. If there's no answer meeting those criteria, the bounty is not awarded to anyone.
If the bounty was started by the question owner, and the question owner accepts an answer posted during the bounty period, and the bounty expires without an explicit award then we assume the bounty owner liked the answer they accepted and award it the full bounty amount at the time of bounty expiration.