Normally, you can spot a machined riser from a cast one by two easy-to-see differences. On a machined riser, the cut-outs have been machined out of a solid block of alloy and they will look like they have been cut out, whereas the cast riser's cut-outs looks more rounded. Also, almost all machined risers have film-dipped camo while cast risers are painted.
In reality, the main reason for machining vs cast is that machined risers are cut out of a forged piece of alloy, which enhances grain structure and strength. Cast risers may have bubbles in them that are generated during the casting process, which could weaken the riser. That is may. Trust me, there are some great bows out there with cast risers.