I finished the game today. The Axis lost. I played against myself and I played only Europe 1940, and it took at least 15 turns (I didn’t count percisely).
It started off well at first. Whilst it took two attacks by Germany to allow Italy to capture Paris, Operation Sealion was successfully and quickly undertaken, whilst Italy destroyed the British armies in Africa and moved into the Middle East. However, the US was able to successfully liberate London, and the German response to a Soviet attack was less than hoped for, resulting in a stalemate of 10 turns over Eastern Poland and the Baltic States, with the furthest the Axis going were Kiev, Leningrad, and Minsk. The Italians made a mistake of not building industrial complexes in the Middle East, leaving limited forces for a southern front which eventually ran out after capturing Stalingrad, Baku, and Rostov. Despite an initial income advantage, the Axis could not break the Soviets. The Americans then landed in Spain and Portugal, and the extra troops from the neutrals only delayed the eventual break. The Italians did well keeping the Americans away from Paris, but without reinforcements, the Italians made bad moves and the newly revitalised British from Union Of South Africa moved quickly northward, just as the Soviets overran the Middle East. In crucial moments, the Americans captured Rome twice, taking at toll on the Italian economy even though it was liberated both times. The Americans then broke out, liberating France. These IPC losses allowed the Soviets to push into Romania and the Balkans, with Poland, Slovakia, Bulgaria, Albania, and Hungary falling soon after. The Soviets also entered Europe from the south through Turkey and Greece. Paris was recaptured twice after liberation, before both Rome and Paris fell out of the grip of the Axis. Amphibious Allied landings and a lack of reinforcements caused Norway, Denmark, Western Germany, and Holland Belgium to come under the control of the Western Allies, with Germany finally being squeezed to Berlin, which fell under a heavy American onslaught (13 tanks and 2 infantry).
Overall, both sides has similar luck.
The Cold War situation is interesting: Whilst the Western Allies control all of Germany, Africa, and South America as well as more than half of Poland (the part that Germany conquered in 1939), the Soviets still control Bulgaria, Romania, Slovakia, Hungary, and Finlandization still happens, whilst Soviet reach stretches across Sweden (a problem for the Baltic Sea), the Middle East (hopefully Indonesia plays nice with gas prices), and Yugoslavia, Albania, Greece, and Turkey (the Soviets gain a powerful connection to the Mediterranean and amphibious landings on the Crimea are no longer viable). This will pose a problem on Mediterranean shipping a Churchill feared, but at least there won’t be any problems with the Red Sea as the British control Yemen, Oman, and Saudi Arabia. The Soviets are quite close to the Suez Canal and dominate the Persian Gulf (controlling all of Iran, Kuwait, and Iraq), though. Soviet control of Afghanistan and Eastern Iran makes an invasion of India likely.
With these two disasters, you might want to change your strategy.