Notes:
People tend to not like Ill-Gotten Inheritance, and Theater of Horrors is clearly card draw, so these cards can often bait out counterspells or enchantment removal which the opponent should save for Captive Audience. Inversely, in game two or three they may try to do just that, and thus let you get your draw engine up and running away with the game. If you have already played ToH, and are attempting to cast I-GI, the opponent will usually realize that they combo nicely, and will attempt to counter or remove I-GI where they wouldn't otherwise, again clearing the way for CA.
This deck tends to do surprisingly well against control, what with 8 things they need to counter to keep their planesalkers alive, as well as 4 Drill Bits mainboard and 4 Duress-es in the sideboard.
In theory it does fine against aggro, and great after sideboarding in 4 Moment of Cravings, 3 Fountains, and probably another Ritual and Cry.
Midrange usually gives this deck time to set up a draw engine and fill our hand with pertinent removal.
Honestly this deck very much comes down to card draw. It has answers to almost anything, and lots of them, both creature-based and control, it's just a question of drawing the wrong ones at the wrong time. A Vraska's Contempt is nice, but there are times you would much rather you had drawn a Ritual of Soot. Honestly adding Treasure Map would be a great idea, as it would not only provide deck sifting and card draw, but would also ramp us up to perhaps dropping Captive Audience a few turns early. You could perhaps replace Theater of Horrors and Ill-Gotten Inheritance with Treasure Map and Trove of Temptation.
Another alternate take would be to put in 2 Angrath, the Flame-Chained instead of the 2 Immortal Suns.
If you want to go more competitive and less jank, than going Mardu is honestly the best change you can make to the deck. White gives you access to the great and powerful control options, such as Ixalan's Binding and Cleansing Nova, and since you already have Black, you get Kaya's Wrath for free. Most importantly, going Mardu gives us access to Mortify, as, of course, Rakdos cannot deal with enchantments whatsoever. If an opponent uses Ixalan's Binding on one of our enchantments it can be a bit of problem.
As is, the deck is a lot of fun, and usually sideboards very well. It is very unique, which is what I look for in a deck, as well as being reasonably simple and fun to pilot. The toughest part is often trying to make a value judgement of whether to take some damage to get one of your enchantments (or your artifact) down, or kill something to prevent that turn's damage.
Part of the fun is also that the opponent has to choose their own poison, up to eight times. It is delightful to watch a control player discard their entire hand, or watch a player try to decide if they can possibly go to 4 life versus Black-Red rather than choose another option they don't want either. (If you do go Mardu, some graveyard hate could be good to hit Chemister's Insight, or against Golgari or Sultai.)
One could argue that the landbase should have at least slightly more Black, but you need to make sure that you are able to cast turn 1 Shocks and/or turn 2 Lava Coil. The real deal here is that Memorial to War enters tapped, and thus reduces our chance of having turn 1 and/or 2 Red in our starting hand, and thus effectively, we are running more Black, as far as our starting hand is concerned. Also if we end up using MtW to war to destroy Azcanta, push a land advantage, or color-screw an opponent, we will reduce our Red mana. Thus, the current mana base.
You should adjust the sideboard (and indeed, even the mainboard) according to your local meta.
