We propose a constitutive relation for finite deformations of nearly incompressible isotropic viscoelastic rubbery adhesives assuming that the Cauchy stress tensor can be written as the sum of elastic and viscoelastic parts. The former is derived from a stored energy function and the latter from a hereditary type integral. Using Ogden’s expression for the strain energy density and the Prony series for the viscoelastic shear modulus, values of material parameters are estimated by using experimental data for uniaxial tensile and compressive cyclic deformations at different constant engineering axial strain rates. It is found that values of material parameters using the loading part of the first cycle, the complete first cycle, and the complete two loading cycles are quite different. Furthermore, the constitutive relation with values of material parameters determined from the monotonic loading during the first cycle of deformations cannot well predict even deformations during the unloading portion of the first cycle. The developed constitutive relation is used to study low-velocity impact of polymethylmethacrylate (PMMA)/adhesive/polycarbonate (PC) laminate. The three sets of values of material parameters for the adhesive seem to have a negligible effect on the overall deformations of the laminate. It is attributed to the fact that peak strain rates in the severely deforming regions are large, and the corresponding stresses are essentially unaffected by the long time response of the adhesive.