If a VC puts money and a startup doesn't get acquired, or goes to an IPO, but becomes profitable, the VC doesn't get anything, right (assuming no dividends)?

So making profit in that sense is still not considered success. So there's some validity to the idea that startups are a game. You're betting on a bigger fool acquiring it, whether it's another company, or the public market. Sort of like buying stocks.

Really it is unlikely that you will create a lifestyle business which is funded with venture money and is one of the things that vcs avoid since it is a failure from their standpoint.

So, everything's a game - with varying odds of winning?

To not be a failure you business must be a HUGE success, grow and profit like only startups like Google and Facebook have.