I have these tables in a PostgreSQL database:

bookmakers

-----------------------
| id   | name         |
-----------------------
| 1    | Unibet       |
-----------------------
| 2    | 888          |
-----------------------

odds

---------------------------------------------------------------------
| id  | odds_type  | odds_index  | bookmaker_id | created_at        |
---------------------------------------------------------------------
| 1   | 1          | 1.55        | 1            | 2012-06-02 10:30  |
---------------------------------------------------------------------
| 2   | 2          | 3.22        | 2            | 2012-06-02 10:30  |
---------------------------------------------------------------------
| 3   | X          | 3.00        | 1            | 2012-06-02 10:30  |
---------------------------------------------------------------------
| 4   | 2          | 1.25        | 1            | 2012-05-27 09:30  |
---------------------------------------------------------------------
| 5   | 1          | 2.30        | 2            | 2012-05-27 09:30  |
---------------------------------------------------------------------
| 6   | X          | 2.00        | 2            | 2012-05-27 09:30  |
---------------------------------------------------------------------

What I am trying to query is the following:

Give me the 1/X/2 odds from the latest update (created_at) from ALL bookmakers and from that last update, give me the highest odds for each odds_type ('1', '2', 'X').

On my website I display them as:

Best odds right now:   1   |   X   |   2
                     --------------------
                     2.30  |  3.00 | 3.22

I have to first get the latest, because the odds from the update from yesterday are no longer valid. Then from that last update, I have - in this case - 2 odds from 2 different bookmakers, so I need to get the best one for type '1','2','X'.

Pseudo SQL would be something like:

SELECT MAX(odds_index) WHERE odds_type = '1' ORDER BY created_at DESC, odds_index DESC

But that doesn't work, because I would always get the latest odds (and not the highest/best from those latest)

I hope I'm making sense.