Why does that qualify him for a Darklord? That's just standard D&D world conquering stuff.
I agree he's got an iconic visual and is dear to a certain Gen X segment of the player base, but there's nothing particularly tragic about his story unless he pretends to reconcile with his dad and then strangles him to death or something.
From the series, Venger is bent on controlling the world. Just your typically baseline cartoon evil. He's also fixated on the magic items the Dungeon Master gave the heroes, and is terrified of Tiamat for unknown reasons. The Dungeon Master considers Venger to be "his greatest failure". From the rumors we got about the series that never really came to be, he is the son of the Dungeon Master.
So, completely pulling this out of my behind:
The Dungeon Master is something between a god and a trickster. He has powers beyond those that are understood by man or magician. Yet he seeks no worshipers, and he yearns for no more strength, fame, or wealth. For reasons known only to him, his true passion is to maintain the spirit of adventuring. He did not create the world, but he maintains it in a state that he regards as "opportunity". He aims to watch the good heroes succeed against all forms of struggle, and to task those within his realm that they would rise to the challenge and find the courage, valor, and good within themselves.
When Venger was young, the Dungeon Master tried to teach him this balance between trials and torture. But Venger had a dark side within him. Where the Dungeon Master tried to teach "adventure", what Venger learned was "conflict". Venger would challenge those within the realm soley for strife, combat, and the joy of watching them struggle. He thrived in watching adventurers run away, barely escaping powerful monsters. He loved watching heroes die from a simple misstep. He made stories in his mind and forced parties to play out his fantasies, with no care for whether they lived or died. He cared more for his monsters and magic items than about the lives of adventurers that his father coveted.
Although the Dungeon Master tried, he could never get through to his son. And eventually, he gave up and accepted that he couldn't. With no other option, he sent his son into the land of terror: Ravenloft. He thought it was the ultimate punishment. But something unexpected happened...
Venger liked the world of darkness. He thrived in a world where he was free to subject others to fear, horror, and dread. He loved his new land; a land where the bad guys could win. So, he made himself at home. He created a megadungeon to house his favorite monsters. He came to rule as a Dark Lord, feeding on the tears of all within his kingdom. Could he escape? Maybe, buy why would he?
TL;DR. The Dungeon Master is a good DM. Venger is a RBDM who likes playing horror games where he can kill off characters and generally torture them without the players getting upset.